cross-posted from: https://news.abolish.capital/post/45483
The coalition behind a plan to tax California billionaires on Monday announced it’s reached a major milestone in its efforts to get its proposed wealth tax on ballots this fall.
The California Billionaire Tax coalition revealed it has now filed more than 1.5 million signatures, or nearly twice the 875,000 signatures required to make the California Billionaire Tax Act an official state ballot initiative.
The proposed tax, which has drawn opposition from Democratic California Gov. Gavin Newsom and support from Sen. Bernie Sanders (I-Vt.), will hit the state’s billionaires with a one-time 5% wealth tax that proponents say will be used to fund local hospitals, food aid, and public education.
Mayra Castañeda, an ultrasound technologist and a member of Service Employees International Union-United Healthcare Workers West (SEIU-UHW), which proposed the ballot initiative, said that the tax was essential to preserve quality of healthcare in California.
“When funding is cut, it brings a world of pain,” said Castañeda**.** “It means longer ER waits, fewer healthcare workers, rural hospitals shutting down, delayed care, and lives lost that could have been saved. It’s clear that most Californians and most billionaires recognize how reasonable and necessary this proposal is—both to keep emergency rooms open and to save California businesses from closing.”
Jared Hamil, a member of Teamsters Local 396, said gathering more than 1.5 million signatures in favor of the tax means “we are one step closer to the California we deserve.”
“We deserve to be able to afford to see a doctor when we’re sick,” Hamil emphasized. “We deserve to know our local hospital will be open and ready to treat you in an emergency. In a nation as rich as ours, that’s the least we deserve.”
A poll of California voters conducted last month by the University of California, Berkeley found that the proposed billionaire tax is broadly popular, with support outweighing opposition by a roughly two-to-one ratio.
An analysis by the Institute on Taxation and Economic Policy estimates that the tax will raise $100 billion in revenue over the next five years, which would be enough to fill the hole in California’s state budget caused by the Republican-passed One Big Beautiful Bill Act that takes an ax to spending on Medicaid and the Supplemental Nutrition Assistance Program (SNAP).
From Common Dreams via This RSS Feed.
FOR A SINGLE GODDAMN TIME
TAX THEM EVERY DAY!
Newsome will veto it. If he can.
I’ve said it before, but this tax is going to be like pulling teeth if it happens. The billionaires will fight it in court for years without ever paying a cent. A one time tax based on a date from a year prior is stupid. There just needs to be a permanent tax every year instead of a one time tax that no one will pay.
The proposed tax, which has drawn opposition from Democratic California Gov. Gavin Newsom
Yeah, he fucking sucks.
I gotta wonder how many current gubernatorial candidates support this thing. Presumably not Steve Hilton or Chad Bianco. Billionaire Self-Proclaimed Democrat Tom Steyer does not seem to be a fan, although he’s playing the mealy-mouthed “I don’t support it because it doesn’t go far enough” gambit. Idk about the rest. It’s California, so apparently everyone and their pet dog is currently running.
Don’t you dare say Newsom fucking sucks. Gavin Newsom will be the next presidential nominee for the DNC, so you better get in line and support him because hey he’s not Trump!
Oh no. I’m so sorry. I’m the reason Trump Won Again, aren’t I?
Progressives are done holding their nose to vote
His policy on this sucks, but if he’s the nominee, the effort is better spent trying to move his positions than poisoning him so we dive straight into a losing strategy in a 2-party system. I hate the game, but that doesn’t mean backing a third party and convincing apathetic voters to stay home if he is the nominee would benefit vulnerable people. Rallying against Harris because she wasn’t strong enough on Gaza explicitly harmed the people of Gaza. We need to learn from the lesson soaked in their blood.
You remind me of the guy who was trying to argue with Charlie Kirk a few months back.
This would be a SAD day if it passes! There’s SO many More Single Mothers on WELFARE that we can Tax INSTEAD of Billionaires!
-Fiscally Responsible Politicians!
Reminds me of the Silicon Valley scene where Russ Hanneman is now justtttt under $1b and thinks the sky is falling
“I had to sell my Bugatti!”
“Isn’t there a Maserati in the driveway…?”
But the doors go like this <waves hands like a normal horizontal car door> instead of like this <waves hands vertically>!
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This is an odd, feel good measure that they’ll just fight off if passed. Why are we wasting time on this when the actual solution is taxing them at the Federal level first, then by willing states.
They’re
morenot mutually exclusive. People can advocate for both at the same time, and the politicians who would work in favor of one have no jurisdiction to work in favor of the other. And there’s no reason to expect there wouldn’t be exactly the same legal challenges made by the same people if it were done first nationally.Congressional law is a bit more final than a voter initiative.
This is pretty dumb tax. Might as well give them a free trip to move to Texas or Nevada. It’s needs to be Federal with a significant penalty for trying to move money offshore -that will never happen.
