California Debates Billionaire Tax as L.A. Pushes CEO Pay Levy
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.