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Billionaire Tax

All articles tagged with #billionaire tax

finance17 days ago•23 min saved

NVIDIA’s Huang Embraces California’s Billionaire Tax as Page, Brin, Thiel Move Away

California’s proposed one-time 5% wealth tax on net worth above $1B would be due in 2027 if approved, with residency determined by a January 1, 2026 snapshot. Nvidia CEO Jensen Huang says he would pay about $8B, while Larry Page, Sergey Brin and Peter Thiel reportedly relocated to avoid the tax. Hoover Institution research warns the measure could slash projected state revenue from around $100B to about $40B and credits Page/Brin with much of the loss; the initiative has not yet passed and faces debates over voting rights and other design details.

via Yahoo Finance|

#billionaire-tax #california #finance

politics28 days ago•13 min saved

SEIU California Leader Accused of Extortion, Bullying in Billionaire-Tax Battle

Independent investigations commissioned by SEIU found that Dave Regan, president of SEIU United Health Workers West, pressured SEIU California’s state council to endorse Proposition 40 (the billionaire tax) through threats and intimidation of female staff and, in one case, an assault; the state council’s review substantiated bullying and intimidation of women, while a national probe found some extortion-like conduct likely occurred; Regan denies the allegations; the state council temporarily banned him from its offices as hearings proceed, and the council remains neutral on Prop 40 as the campaign unfolds.

via Los Angeles Times|

#billionaire-tax #investigations #labor-unions

politics2 months ago•6 min saved

CA Dems Back Prop. 40 Billionaire Tax Amid Budget Debates

The California Democratic Party executive board endorsed Proposition 40, a one-time 5% tax on billionaires’ assets to fund healthcare and restore safety-net programs, signaling party unity amid broader debates. Polls show 54% of likely voters and 76% of Democrats would vote for the measure, which aims to raise about $100 billion over five years to backfill Medicaid and food-assistance cuts tied to a federal act signed by President Trump. Opponents warn it could destabilize the state budget and prompt billionaire flight, while supporters argue the tax would reverse funding gaps created by federal policy.

via Los Angeles Times|

#billionaire-tax #budget #california-politics

california-politics2 months ago•4 min saved

California Democrats Back Billionaire Wealth Tax, Splitting From Newsom and Unions

California’s Democratic Party executive board endorsed a November ballot measure to tax billionaire wealth with a one-time 5% levy, moving in line with progressive advocates like Rep. Maxine Waters and Bernie Sanders but clashing with Gov. Gavin Newsom and major unions; supporters argue it would fund healthcare and public services, while opponents warn it could hurt budgets and drive the ultrawealthy out of state, and rivals are mounting efforts to undercut Prop 40.

via Politico|

#billionaire-tax #california-democrats #california-politics

politics2 months ago•26 min saved

California Democrats back billionaire tax, fueling intra-party clash with Newsom and Becerra

At its San Diego convention, the California Democratic Party endorsed Proposition 40—a one-time 5% tax on about 200 billionaires, expected to raise around $100 billion for healthcare funding—over the objections of Gov. Newsom and gubernatorial candidate Becerra, highlighting a split within the party as the measure heads to the November ballot.

via New York Post|

#billionaire-tax #california-politics #gavin-newsom

politics2 months ago•8 min saved

Labor splits over California's Prop 40 billionaire tax

California's Prop 40 billionaire tax is exposing rifts within labor: SEIU-UHW has refused to back the measure, while other unions oppose it, arguing the one-time 5% asset tax would not create a sustainable funding stream and could destabilize budgets for education and public safety; as Gov. Newsom and wealthy donors weigh in, the ballot fight highlights deep disagreements over how to fund healthcare and safety-net programs without prompting the wealthiest residents to leave.

via Los Angeles Times|

#billionaire-tax #california #healthcare-funding

politics3 months ago•15 min saved

California’s 2026 ballot pits wealth taxes, housing funding, and voting rules on the line

California voters will decide 14 statewide propositions on the November ballot, including a billionaire wealth tax and its anti‑tax “poison pills,” a major $11.25 billion affordable housing bond, public campaign financing, a voter-ID requirement, and a suite of tax/financing and governance reforms (including a permanent high‑income tax for schools and healthcare, a homeownership down‑payment program, and CEQA reforms). Campaigns have already raised well over $100 million, and the wealth-tax proposal faces opposition from Gov. Newsom and others who warn it could drive out residents or hinder budgeting.

via Los Angeles Times|

#billionaire-tax #california #elections-2026

politics3 months ago•4 min saved

Newsom pushes federal billionaire tax as California weighs its own wealth tax

Newsom called for a national billionaire tax and proposed a federal alternative to California’s ballot measure that would tax net worth over $1 billion to fund healthcare, education and food assistance; he also floated a broader federal package including a minimum net-worth tax, restrictions on borrowing against stock, a public equity stake in AI companies, inheritance-tax reforms, and higher corporate rates to retrain workers and expand services, arguing wealth is mobile and a federal approach is needed, while critics like Rep. Ro Khanna and Silicon Valley billionaires push back and debates over the measure continue as Newsom eyes a potential 2028 run.

via The Guardian|

#2028-presidential-campaign #billionaire-tax #california

politics3 months ago•8 min saved

Newsom Opposes California Billionaire Tax Amid Exodus Fears

California’s proposed one-time 5% billionaire wealth tax has been added to the November ballot despite Gov. Gavin Newsom’s opposition, with supporters arguing it would curb wealth concentration; Newsom warns the tax could trigger a mass exodus of wealth and talent to Texas or Florida and calls for a federal approach instead. The measure has endorsements from Bernie Sanders but faces legal challenges and skepticism over its legality and economic impact, amid concerns it could harm startups and investment in the state.

via Fox News|

#billionaire-tax #california #exodus

politics3 months ago•3 min saved

Newsom pitches nationwide billionaire tax and AI stake plan as economic reset

California Gov. Gavin Newsom is pushing a nationwide billionaire tax as part of an economic reset for America, advocating a true Buffett Rule minimum tax, closing loopholes, and restoring corporate rates, while proposing a national public equity fund to give Americans a stake in AI's future. He also opposes California’s upcoming wealth-tax ballot measure and frames the plan in a national policy context tied to potential 2028 presidential ambitions.

via CNBC|

#billionaire-tax #buffett-rule #gavin-newsom

politics3 months ago•6 min saved

Newsom pushes national billionaire tax as California wealth plan advances

California Gov. Gavin Newsom advocates a national billionaire tax and a public equity fund to shield workers from AI-driven disruption, while opposing California’s wealth tax ballot measure as flawed and potentially funding federal health‑care cuts; the move positions him as a national tax reform voice amid a likely White House run.

via Politico|

#billionaire-tax #california-ballot #national-equity-fund

politics3 months ago•185 min saved

Newsom pitches a federal billionaire tax as alternative to California wealth tax

California Gov. Gavin Newsom proposed a nationwide billionaire tax on individuals with net worth over $100 million and a $ national public equity fund to share wealth and fund worker transitions, childcare, higher education, healthcare and an AI-focused industrial strategy—calling it an “economic reset” that could curb wealth concentration and AI-driven disruption. He also said he would vote against California’s own billionaires’ tax, arguing the measure could drive business away, as Democrats tilt toward populist economic policy and Newsom weighs a possible 2028 bid.

via CNN|

#ai-economy #billionaire-tax #california

politics3 months ago•4 min saved

Union Chief Takes On Newsom Over Billionaire Tax as 2028 Buzz Grows

SEIU-United Healthcare Workers West president Dave Regan condemns Gov. Gavin Newsom in a rare interview for opposing California's proposed one-time 5% tax on fortunes above $1 billion, arguing Newsom panders to the billionaire class as he contemplates a 2028 presidential bid. Regan warns that such deference could fuel Trumpism if Democrats cater to the wealthy. The measure has qualified for the November ballot but could be withdrawn; Newsom has rejected the plan as poorly designed and floated a 2% legislative option that supporters rejected. Billionaire donors, including Sergey Brin, are funding efforts to defeat the measure, while supporters say the tax would fund healthcare and offset federal cuts.

via New York Post|

#billionaire-tax #california-ballot #dave-regan

politics3 months ago•28 min saved

California Billionaire Tax Qualifies for November Ballot, Stoking Healthcare Funding Debate

A union-backed measure would impose a one-time 5% tax on California residents with net worth above $1 billion to raise about $100 billion for healthcare (90%), education, and food assistance; it has qualified for the November ballot despite opposition from Gov. Gavin Newsom and billionaire opponents like Sergey Brin, while attracting support from Bernie Sanders and others, with legal challenges and questions about potential capital flight looming as voters weigh the proposal.

via CalMatters|

#bernie-sanders #billionaire-tax #california-ballot

politics3 months ago•380 min saved

California’s billionaire tax heads to November ballot amid Democratic rift

A proposed one-time wealth tax on Californians with net worth above $1.1 billion has qualified for the November ballot. The plan imposes a 5% tax on assets exceeding the threshold, retroactive to January 1, 2026, with 90% of revenue earmarked for healthcare and the rest for education and food assistance. The measure has split leading Democrats, drawing support from unions and some lawmakers while drawing opposition from Gov. Gavin Newsom and other figures. State officials verified the signature threshold to qualify, but organizers still face a deadline (June 25) to push forward, and there’s a risk the initiative may not appear on the ballot depending on ongoing negotiations and campaign decisions.

via NBC News|

#ballot #billionaire-tax #california