"The proposed ballot measure, which could go to voters in November, has gained public attention recently amid heavy criticism and threats from tech moguls to leave the state. In interviews with Politico and the New York Times published on Monday, Newsom described his office's efforts to kill the proposed billionaire tax and told the Times he would do what I have to do to protect the state."
"Newsom's opposition to the ballot measure which would levy a one-time 5% tax on any residents of the state worth more than $1bn comes amid an uproar from some of California's most prominent billionaires. Google founders Sergey Brin and Larry Page have both moved assets out of state in recent months, while Palantir founder Peter Thiel donated $3m in December to a political action committee lobbying against the tax."
"In interviews this week, Newsom cited billionaires who are shifting away from the state such as Page and Brin, with whom he has longstanding relationships as proof that his concerns about the tax deterring industry were vindicated. This is my fear. It's just what I warned against, Newsom told Politico. It's happening. The proposed ballot measure, called the 2026 Billionaire Tax Act, still needs to reach the 900,000 signatures necessary to be put to the state's voters,"
Gavin Newsom renewed his pledge to oppose a proposed one-time 5% tax on California residents worth more than $1 billion. The ballot measure could appear before voters in November if organizers collect 900,000 signatures. Newsom said his office is taking steps to block the proposal and warned the tax would deter industry and isolate California. Prominent billionaires including Sergey Brin and Larry Page have moved assets out of state, and Peter Thiel donated $3 million to oppose the tax. The measure is backed by the SEIU, which says revenue would support healthcare and public education. The measure is shaping into a major political flashpoint.
Read at www.theguardian.com
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