Tech billionaires spend $340m fighting California wealth tax

Summarised from 2 outlets · Updated 17 Oct, 19:28 · Archive

Tech billionaires have raised over $340m to oppose California's Proposition 40, a one-time 5% wealth tax on billionaires.

Tech billionaires have raised more than $340m to fight Proposition 40, a one-time 5% wealth tax on California's billionaires set for a vote in early November. The opposition campaign is spending at least $1m per day, with financial disclosures showing the opposition spent $21.2m during the first 19 days of September alone. Voters are being targeted with robocalls, mailers and advertisements.

The measure, if passed, would impose a one-time 5% tax on billionaires' wealth, with proceeds mostly funding healthcare programmes alongside education and food assistance. Payments would begin in 2027 and be made over up to five annual instalments.

Support for the proposal comes from major unions and progressive politicians including Bernie Sanders and California congressman Ro Khanna. However, the measure has divided Democrats. Democratic governor Gavin Newsom opposes it, as do both Democratic and Republican candidates for governor. Planned Parenthood Affiliates of California also opposes the proposal. The New York Post reports that some backers have cited the measure as a potential blueprint for similar efforts in other high-wealth states and Congress.

How it is being reported

• Billionaires’ tax getting dry-run in California before socialists, AOC hits DCA billionaires' tax appearing on the California ballot next month is drawing furious resistance from an unusual alliance that includes lefty Gov. Gavin Newsom, GOPers, Hollywood elites and tech billionaires.New York Post · 17 Oct, 19:13
• The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire taxTech billionaires have raised more than $340m to defeat Prop 40, a one-time 5% wealth tax that will fund healthcare and education Tech billionaires have been dumping hundreds of millions of dollars into the fight against a wealth tax in California. They’ve raised more than $340m, and the campaign they’re funding is spending more than $1m a day to defeat the measure, according to state financial disclosures. With the election less than a month away, those funds are being spent at a stepped-up pace. During the first 19 days of September, according to the most recent campaign filings, the…Guardian Technology · 16 Oct, 14:00

In this story: California · Bernie Sanders · Ro Khanna · Gavin Newsom · Planned Parenthood Affiliates of California · Service Employees International Union

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