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Prop 40

All articles tagged with #prop 40

politics20 hours ago•3 min saved

Sanders and Khanna Rally in California as Billionaire Tax Fight Intensifies

Sen. Bernie Sanders and Rep. Ro Khanna are campaigning in California to support Proposition 40, a one-time 5% tax on billionaires, as early voting begins. The measure, which would affect roughly 200 ultra-wealthy individuals to offset federal healthcare cuts, faces intense opposition from Gov. Gavin Newsom and billionaire-backed groups. While proponents argue the tax is necessary for equity, opponents warn it will drive wealth out of the state and could be expanded to non-billionaires. The campaign is marked by a massive spending disparity, with opponents raising over $252 million compared to roughly $32.4 million for supporters.

via abcnews.com|

#bernie-sanders #california-election #gavin-newsom

politics19 days ago•3 min saved

California ballot showdown: wealth tax hangs by a thread

A PPIC poll shows Prop 40, a one-time 5% wealth tax on billionaire assets, leading narrowly at 52%, with Prop 41 and 42 to nullify it at 51–54%; Prop 3 would permanently extend the 2012 top-earner tax and is at 58%, offering a clearer path for supporters amid a costly, multi-front campaign funded by billionaire opponents totaling around $100 million in ads.

via politico.com|

#ballot-initiatives #california #politics

politics24 days ago•8 min saved

Newsom’s Delicate Stand Tests the Wealth Tax and His 2028 Hopes

California Gov. Gavin Newsom opposed a one-time wealth tax tied to Prop 40 and has kept a lower public profile as the measure heads to the ballot. The stance could boost his populist credibility if it fails or jeopardize it if it passes, while left-leaning critics may attack him for aligning with anti-tax tech interests. The campaign has become a high-stakes test of his political capital and potential presidential ambitions, with major endorsements and heavy fundraising from billionaires shaping the fight.

via Politico|

#2028-presidential-bid #california-ballot-measure #gavin-newsom

politics1 month ago•5 min saved

SF Dems back national wealth tax, oppose California billionaire tax

San Francisco’s county Democratic Party is poised to oppose California’s billionaire wealth tax at its meeting and instead advance a resolution calling for a national wealth tax, aligning with Gov. Newsom and signaling a shift toward moderates in a city once dominated by progressives. The move contrasts with the California Democratic Party’s broader backing of the measure and follows SF’s rejection of a local “overpaid CEO” tax proposal, as leaders argue a one-time wealth tax won’t solve long-term problems.

via Politico|

#california #democrats #politics

california-politics1 month ago•9 min saved

California voters split on billionaire wealth tax and voter-ID ballot measures, poll shows

A UC Berkeley/Times poll finds California voters are deeply divided on Prop 40, a one-time 5% wealth tax on billionaires’ assets to backfill federal healthcare cuts; 48% support, 41% oppose, and 11% undecided, with younger, minority, and lower-income voters more supportive, while unions back the measure though concerns about wealthy residents fleeing persist. Prop 39, a voter ID and citizenship verification measure, is just over half opposed, with Democrats largely against and Republicans in favor. Countermeasures Prop 41 (tax/spending audits) and Prop 42 (ban on certain new taxes) show mixed support (Prop 41: 35%/37% oppose; Prop 42: 40%/37% oppose; ~25% undecided). Turnout and messaging in November could swing the outcomes, per polling of 4,207 registered voters (2,310 likely voters) conducted Aug. 3–9 with ~2.5-point MOE.

via Los Angeles Times|

#ballot-measures #california-politics #prop-39

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