"The battle over a new tax on California's billionaires is set to heat up in the coming months as citizens spar over whether the state should squeeze its ultra-rich to better serve its ordinary residents. The proposed billionaire tax that triggered the tempest is still far from being approved by voters or even making the ballot, but the idea has already sparked backlash from vocal tech moguls - some of whom have already shifted their bases outside the state."
"The California billionaire tax would apply to about 200 California billionaires who reside in the state as of Jan. 1. Roughly 90% of funds would go to healthcare and the rest to public K-14 education and state food assistance. The tax, due in 2027, would exclude real estate, pensions and retirement accounts, according to an analysis from the Legislative Analyst's Office, a nonpartisan government agency."
California would impose a one-time 5% wealth tax on residents with more than $1 billion in net worth to raise revenue for healthcare, K-14 education and state food assistance. The tax would affect about 200 California billionaires and would be due in 2027, with payments optionally spread over five years at higher cost. The tax base would exclude real estate, pensions and retirement accounts, per the Legislative Analyst's Office. The Service Employees International Union-United Healthcare Workers West backs the plan, while other labor unions propose separate CEO-pay ratio taxes, and some tech figures have moved operations out of state.
Read at Los Angeles Times
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