All articles tagged with #billionaire tax
Senator Bernie Sanders spoke in Los Angeles to back a California ballot measure taxing billionaires to fund healthcare, delivering populist warnings about income inequality and corporate power; the event, organized by a health care union, formally kicked off the campaign to put the tax proposal on the ballot.
California debates a one-time 5% tax on assets over $1 billion to cover Medi-Cal costs lost to federal Medicaid cuts (OBBBA), while opponents warn it could drive billionaires out and weaken the economy; supporters view it as a needed fix for wealth inequality, with signature drives and a high-stakes November vote amid a broader political and business backlash.
A small San Francisco rally in Alta Plaza Park supporting billionaires against California's proposed billionaire asset tax drew media attention and satire as marchers headed to City Hall, highlighting wealth inequality and the ongoing debate over whether such taxes would spur or hinder innovation.
About a dozen people in San Francisco gathered for a 'March for Billionaires' to highlight California’s proposed 5% one-time wealth tax on billionaires, intended to offset federal cuts to healthcare and food aid. Opponents, including Gov. Newsom, warn the levy could push wealth and jobs out of state, while supporters say it would ensure billionaires pay their fair share. The Billionaire Tax Act excludes pensions, real estate, and retirement accounts and requires about 875,000 signatures to appear on the November ballot. Analysts caution the measure could yield short-term benefits only if wealthy residents relocate.
Unions back a statewide billionaire tax and an L.A. measure to tax firms with CEOs paid at least 50x the median, including a one-time asset tax (up to 5%) on >$1B that would fund housing, street repairs, and programs. Backers pursue roughly 875,000 signatures by June 24 to place the measures on the November ballot, while Gov. Newsom opposes the wealth tax and business leaders warn of capital flight and lost jobs if it passes; similar efforts are underway in San Francisco.
California's proposed 5% wealth tax on residents with $1B+ net worth (with a 1% annual option) is triggering backlash well beyond current billionaires, as founders and investors with illiquid equity consider leaving California, fearing damage to startups and innovation; it could presage a broader wealth-tax push and even spur relocations to Texas or Florida, while supporters say it could raise about $100B for healthcare and still faces signatures and legal challenges.
California Governor Gavin Newsom vowed to block a proposed 2026 ballot measure that would impose a one-time 5% tax on residents worth more than $1 billion, arguing it would hurt the state's economy and push investments out of California. The measure, backed by SEIU, faces opposition from tech moguls and business groups who warn it could drive the ultra-wealthy to relocate. Signature threshold to qualify remains 900,000, and the issue has emerged as a political flashpoint as billionaires react and lawmakers mobilize against the plan.
California Governor Gavin Newsom is quietly pursuing an off-ramp with SEIU‑UHW’s billionaire wealth tax initiative to avert a November ballot fight, but no deal is imminent. Newsom opposes the current proposal, arguing it could harm California’s economy and tax base, while unions say the measure is needed to address federal cuts and prevent healthcare job losses; the battle could shape state finance and Silicon Valley dynamics and may influence Newsom’s political standing ahead of a possible 2028 run.
California's proposed Billionaire Tax Act aims to impose a 5% one-time tax on billionaires residing in the state, prompting some of the wealthiest to consider relocating to avoid the tax, raising concerns about potential impacts on California's economy and public services.
California is considering a billionaire tax proposal that could lead to a divide among tech leaders, with some threatening to leave the state for tax-friendly locations like Texas and Florida, while others like Nvidia's Jensen Huang support the tax, citing fairness and the need to fund public services.
Attorney Alex Spiro warned California's governor that his billionaire clients would relocate if a proposed wealth tax passes, citing legal and economic concerns, including potential constitutional issues and capital flight.
Bernard Arnault, France's richest man and CEO of LVMH, strongly opposes a proposed 2% wealth tax on billionaires, criticizing it as harmful to France's economy and attacking its architect, economist Gabriel Zucman, as a far-left ideologue. The tax, targeting assets over 100 million euros, has significant public support and political momentum in France.