California Democrats Back Billionaire 5% Tax Ballot Measure 40
- 1The California Democratic Party's executive committee approved backing of Proposition 40 at its San Diego meeting with a supermajority of 60%
- 2It imposes a one-time 5% levy on roughly 200 individuals with net worth of $1 billion or more, with SEIU-UHW projecting roughly $100 billion in revenue
- 3It aims to offset healthcare budget cuts and will be decided by voter referendum on November 3, while the governor and others have warned of taxpayer exodus
This 3-line summary is compiled from the report below.
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