"With California facing deep budget uncertainty and widening economic divides, Gov. Gavin Newsom on Friday vowed to protect residents on both ends of the income spectrum - from wealthy business leaders he fears could leave the state to unhoused Californians relying on state-funded services. That balancing act was on display as Newsom sharpened his criticism of a proposed ballot measure to tax billionaires, a measure opponents say may push tech companies and other businesses out of the state and wound California's economy."
"Newsom is trying to head off a union's plan for a November ballot measure that would put a one-time tax on billionaires. If approved by voters, it would raise $100 billion by imposing a one-time wealth tax of 5% on fortunes. Service Employees International Union-United Healthcare Workers West, the union behind the proposal, wants to raise money to help millions of Californians affected by widespread healthcare cuts by the Trump administration."
California faces deep budget uncertainty and widening economic divides. State leadership pledged to protect residents across the income spectrum, from wealthy business leaders who could leave the state to unhoused Californians relying on state-funded services. State officials criticized a proposed ballot measure to tax billionaires, warning opponents say the levy could push tech companies and other businesses out of California and harm the state economy. The ballot measure would impose a one-time 5% wealth tax on fortunes to raise $100 billion. SEIU-UHW supports the proposal to fund assistance for millions affected by federal healthcare cuts. State advisors have formed a committee and are raising money to oppose the measure, calling it badly drafted and arguing the revenue would not be broadly distributed to public educators, first responders, and other programs.
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