"In a nearly 300-word thread posted to X Monday, Mahan warned if passed by voters, the pending statewide ballot measure would drive wealthy entrepreneurs out of California, sapping the state's tax base and undermining its economic dynamism. "We need a rising economic tide to lift all boats, not a political plan that will sink California's innovation economy," Mahan wrote. The post is just the latest example of Mahan chiming in on a hot-button statewide policy issue."
"The proposed measure would impose a one-time, 5% wealth tax on about 200 Californians who hold more than $1 billion in assets, backers said. The October announcement of the ballot measure campaign has set off a political firestorm that has only intensified with time. In recent weeks, a number of wealthy Californians have responded with threats to move their homes and assets to other states. Meanwhile, prominent California Democrats have staked out opposing positions on both sides of the issue."
San Jose Mayor Matt Mahan opposed a proposed statewide ballot measure to impose a one-time 5% wealth tax on roughly 200 Californians with assets above $1 billion. He warned the tax would drive wealthy entrepreneurs out, shrink the state's tax base, and undermine economic dynamism, saying a rising economic tide lifts all boats rather than political plans that sink the innovation economy. The proposal has provoked a political firestorm, with wealthy individuals threatening to relocate and prominent Democrats split. Governor Newsom opposes the tax while Congressman Ro Khanna supports it, citing losses to Medi-Cal funding tied to federal policy changes.
Read at San Jose Spotlight
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