Top Democrats join the wealthiest in fighting a California tax increase on billionaires

California voters are considering Proposition 40, a first-of-its-kind 5% one-time tax on billionaires intended to offset federal healthcare funding cuts. The measure has created an unusual coalition of opponents, including Governor Gavin Newsom, Planned Parenthood, and the California Teachers Association, who join wealthy tech investors in arguing the tax could drive high-earners out of the state. Supporters, led by Senator Bernie Sanders and the SEIU United Healthcare Workers West, argue the tax is a necessary measure to ensure the ultra-wealthy contribute to public services and to prevent a healthcare collapse.

California voters are considering Proposition 40, a first-of-its-kind 5% one-time tax on billionaires intended to offset federal healthcare funding cuts. The measure has created an unusual coalition of opponents, including Governor Gavin Newsom, Planned Parenthood, and the California Teachers Association, who join wealthy tech investors in arguing the tax could drive high-earners out of the state. Supporters, led by Senator Bernie Sanders and the SEIU United Healthcare Workers West, argue the tax is a necessary measure to ensure the ultra-wealthy contribute to public services and to prevent a healthcare collapse.