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Wealth Tax

All articles tagged with #wealth tax

politics11 days ago

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 voters split on billionaire wealth tax and voter-ID ballot measures, poll shows
california-politics18 days ago

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
politics28 days ago

Waters boost helps California Democrats back billionaire wealth tax

Months of behind-the-scenes organizing, capped by Rep. Maxine Waters’ participation, helped the California Democratic Party endorse the state’s billionaire wealth tax, signaling labor-backed support and broad voter appeal while opposing factions argued the measure would keep Democrats in touch with the base despite fundraising and political headwinds.

via Politico|
#california#democratic-party#maxine-waters
Mamdani's Wealth Tax Backlash Heats Up NYC Politics
politics1 month ago

Mamdani's Wealth Tax Backlash Heats Up NYC Politics

New York City Mayor Zohran Mamdani celebrated a pied-à-terre tax on second homes worth more than $5 million backed by Gov. Kathy Hochul; the post sparked a large online backlash from conservatives and financiers who warn the tax could drive wealthy residents out of the city, while supporters say it would raise about $500 million annually for city services like parks, libraries and schools.

via Fox News|
#kathy-hochul#mamdani#new-york-city
Mamdani Signals Mail for NYC’s Wealthy Pied-à-Terre Owners
politics1 month ago

Mamdani Signals Mail for NYC’s Wealthy Pied-à-Terre Owners

New York City is mailing notices to owners of non-primary homes valued at $5 million or more about a new pied-à-terre tax that starts at 0.8% and rises to 1.3% for properties valued at $25 million+, with officials estimating about $500 million in annual revenue and more than 11,000 affected homes. The city has launched a FAQ page and an eligibility tool for property owners. Among those named or highlighted are Jeff Bezos, Donald Trump, Jay-Z and Beyoncé, and Ken Griffin, who could face a $1.3–$1.4 million bill if his NYC pied-à-terre is subject to the tax.

via Business Insider|
#billionaires#new-york-city#pied-a-terre-tax
Silicon Valley Billionaires Launch $87 Million Ad Blitz Against California Wealth Tax
us-politics1 month ago

Silicon Valley Billionaires Launch $87 Million Ad Blitz Against California Wealth Tax

A coalition of billionaires, including Sergey Brin, has reserved about $87 million in California ad time to oppose Proposition 40, a proposed one-time wealth tax on residents with a net worth of $1 billion or more. The advertising campaign, set to begin next month, marks a high-profile clash over the measure and underscores the influence of Silicon Valley wealth in state politics as some billionaires have already relocated or spent heavily in related campaigns.

via The New York Times|
#advertising#billionaires#california
Newsom Pushes National Billionaire Tax as Economic Reset Plan
politics2 months ago

Newsom Pushes National Billionaire Tax as Economic Reset Plan

SFist's Morning Links notes California Gov. Gavin Newsom proposed a national billionaire tax as the first step in his 'economic reset for America' agenda, tied to a possible 2028 White House bid, while the roundup also covers a fireworks cache arrest in Alameda County, Anna Wintour's SF visit and Vogue World intrigue, San Jose Sharks' draft moves, JD Vance's Nixon remark, and a Chet Hanks ad campaign for a morning-after pill.

via SFist|
#economic-reset#gavin-newsom#national-billionaire-tax
California Voters Face Billionaire Tax and a Bundle of Ballot Proposals This November
politics2 months ago

California Voters Face Billionaire Tax and a Bundle of Ballot Proposals This November

California’s November ballot will include a one-time 5% wealth tax on state-domiciled billionaires, a voter ID requirement, local tax-approval rules, recall reform, expanded public campaign financing, and a host of housing, energy, health-care, environmental-review, and fiscal measures—14 total propositions that could dominate campaign spending and shape state policy.

via KQED|
#ballot-measures#california#housing
politics2 months ago

Newsom bets on a national wealth tax to redefine Democratic economics

California Gov. Gavin Newsom is pushing a national wealth tax as part of a broader populist economic agenda, even as he fights California’s own wealth tax on the ballot. The strategy aims to frame Democrats as fighters for a fairer economy and could influence his national profile ahead of a potential 2028 run; it also includes a proposal for a national public equity fund tied to AI profits and has drawn both sharp opposition and cautious support within the party.

via Politico|
#billionaires#california#gavin-newsom
Newsom pivots to national wealth tax and AI stake plan after California setback
politics2 months ago

Newsom pivots to national wealth tax and AI stake plan after California setback

California Governor Gavin Newsom proposes a nationwide wealth tax and a public equity fund to give Americans stakes in AI after failing to block a California billionaire tax ballot measure. The national plan would impose a minimum tax on fortunes of $100 million or more, create a national public equity fund for AI, and close loopholes for the ultra-wealthy, while the California initiative would levy a one-time 5% tax on assets above $1.1 billion with 90% of revenue directed to healthcare and the rest to education and food programs. Newsom frames the proposals as addressing wealth disparity and democracy as he eyes a potential 2028 White House bid, with some Democrats backing the ideas and others opposing the CA tax approach.

via NBC News|
#ai-equity-fund#california-billionaire-tax#gavin-newsom
politics2 months ago

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
Newsom pitches a federal billionaire tax as alternative to California wealth tax
politics2 months ago

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
California Billionaire Tax Heads to November Ballot Amid Budget Worries
california-politics2 months ago

California Billionaire Tax Heads to November Ballot Amid Budget Worries

A labor-union–backed, one-time 5% tax on California billionaires’ assets is headed to the November ballot to offset federal healthcare funding cuts, drawing strong opposition from Gov. Newsom and major business/healthcare groups who warn it could destabilize the state’s budget and spur billionaire exit; two rival “poison pill” measures could void the proposal even if voters approve, and supporters gathered about 1.6 million signatures to qualify.

via Los Angeles Times|
#ballot-measure#budget-volatility#california
California voters face 14 ballot measures—from wealth taxes to housing bonds—this November
politics2 months ago

California voters face 14 ballot measures—from wealth taxes to housing bonds—this November

California voters will decide on 14 statewide ballot measures in November, including a one-time 5% wealth tax on about 200 billionaires to fund healthcare and education, paired with anti-tax spending audits and personal-property tax countermeasures; other proposals include a permanent high-earner income tax, a higher threshold for local special taxes, an $11.25 billion affordable-housing bond, a $25 billion homebuyer loan program, expansion of the rainy-day fund, faster environmental reviews for housing and infrastructure, a voter-ID requirement, public campaign financing, recall-election reform, clinic funding rules, and an $8.4 billion immunology research bond. A few high-profile measures were withdrawn after deals with lawmakers or groups.

via CalMatters|
#affordable-housing#ballot-measures#california-elections