California voters to decide on billionaire tax and rival proposals

Summarised from 2 outlets · 5 reports · Updated 2 Oct, 11:43 · Archive

California voters will decide on Proposition 40, which would tax billionaires' assets, alongside rival measures that could block it.

Californian voters will decide on Proposition 40, a one-time tax on billionaires' assets designed mostly to fund healthcare. The measure has split support among Democratic politicians and labour unions. The proposal faces two rival propositions: Prop 41 would require audits for new state special taxes and prohibit certain taxes, potentially nullifying the billionaire tax; Prop 42 would ban new taxes on personal savings and certain retroactive taxes, and could also block the billionaire tax.

Supporters and critics disagree on the effects of taxing billionaires' assets. Some warn the initiative could trigger tax flight and more aggressive taxation. Others say the outcome is too difficult to predict.

How it is being reported

• Fact check: Could California lawmakers expand the billionaire tax to everyone?CalMatters · 2 Oct, 13:00
• Billionaire tax explained: What you need to know about Prop. 40CalMatters · 1 Oct, 13:00
• Your guide to Proposition 40: California's billionaire tax proposalLos Angeles Times · 1 Oct, 11:00
• Your guide to Proposition 41: Special tax audit proposal could block billionaire taxLos Angeles Times · 1 Oct, 11:00
• Your guide to Proposition 42: Tax ban on retirement, personal savingsLos Angeles Times · 1 Oct, 11:00

In this story: California · Democratic party

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