"The measure imposes a one-time 5% tax on the assets of billionaires including stocks, art, businesses, collectibles and intellectual property to backfill federal funding cuts to health services for lower-income people that were signed by Donald Trump last year."
"Tech billionaires have battled the proposal with large donations to the campaign against it, including current and former chief executives from Google, DoorDash, Reddit, LinkedIn and Facebook."
"Another supporter, and a potential 2028 Newsom rival, is Ro Khanna, the Democratic representative who mocked billionaires for threatening to leave the state over the proposed tax."
Proponents of a one-time 5% tax on California billionaires have collected over 1.5 million signatures to place the measure on the November ballot. The tax targets assets like stocks and art to fund health services for lower-income individuals. Governor Gavin Newsom opposes the proposal, which has sparked significant backlash from tech billionaires who threaten to leave the state. The measure, supported by the Service Employees International Union, would apply retroactively to billionaires residing in California as of January 1. The proposal has created divisions within the Democratic Party.
Read at www.theguardian.com
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