Gov. Gavin Newsom, who opposes the tax, tried to intimidate proponents into pulling the measure. It didn’t work.
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Billionaires are crying foul about California's proposed wealth tax.
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He's worth $222 billion, and doesn't want to 5% of that going to fund health care in his state. Right now he has a powerful ally — Gavin Newsom.
As inequality grows, states are stepping up where the federal government hasn’t. ‘It’s a movement,’ says Patriotic Millionaires’ Chuck Collins. Washington isn’t the first state to pass a so-called millionaire tax, and it won’t be the last.
“Yes: We need a wealth tax on billionaires,” said US Sen. Bernie Sanders.
A proposed 2026 California ballot measure would tax billionaires’ fortunes to fund imperiled health access for 15 million state Medicaid recipients.
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