California multimillionaires back billionaire wealth tax

Summarised from 2 outlets · Updated 22 Oct, 13:32 · Archive

More than 40 California multimillionaires have signed an open letter urging voters to approve Proposition 40, which would impose a one-time 5% wealth tax on residents with a net worth above $1 billion. Signatories include Disney scion Tim Disney, Men's Wearhouse founder George Zimmer, and Saikat Chakrabarti, a founding engineer at Stripe. The letter states: 'As multimillionaires, we're willing to do our part. It's past time for billionaires — our thousand millionaire cousins — to do theirs.'

Chakrabarti dismissed concerns that the tax would prompt billionaires to leave California, telling The California Post: 'I think the disappointing thing is how few of the people who have made their wealth because of everything California has given them are willing to do the bare minimum to keep 3.4 million people from losing Medicaid.'

Voting polls show the measure in a tight race. A UC Berkeley survey from September found 45% of likely voters would vote yes against 42% opposed, with support declining from a 19% margin in March. A Mason-Dixon poll found yes still ahead by 10%. However, prediction markets place the odds of passage at under 30%.

How it is being reported

• California's Proposition 40: What voters need to know about the billionaire wealth taxCalifornia's billionaire wealth tax, Proposition 40, looks like a close call based on recent polls. Here is what to know before Election Day on Nov. 3.CNBC · 22 Oct, 13:19
• Meet the California multimillionaires demanding the billionaire tax become lawCalifornia multimillionaires signed an open letter demanding voters pass the billionaire tax in the increasingly cantankerous and expensive fight over a proposed state wealth tax.New York Post · 20 Oct, 23:41

In this story: California · Tim Disney · George Zimmer · Saikat Chakrabarti · Stripe · Patriotic Millionaires

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