California Voters May Get to Vote on Globe’s First ‘Tax on Billionaires
Few places on earth have as many ultra-rich citizens as California, famed for glamour, coastal mega-mansions, and home to many affluent and famous people.
Voters will decide whether the ultra-rich among them, including media mogul Oprah Winfrey, Meta head Mark Zuckerberg, Skims cofounder and reality television star Kim Kardashian, and filmmaker George Lucas, should hand over billions of dollars to fund healthcare upgrades.
Proposition 40 would impose a one-time 5% tax on the net worth of all California billionaires.
There are just over 200 of them in the state but that hasn’t stopped the proposal from dividing leaders and sending some of its ultra-wealthy people packing. One billionaire businessman says he created jobs for California, but the proposition made him feel “a little bit like I wasn’t wanted.”
Proponents of the legislation say it helps ensure the ultra-wealthy pay their fair share and would help plug holes in the state budget. The move is expected to raise $100bn (£75bn) to offset federal funding cuts to the state’s health-care system.
The measure is a “short-term solution” to deep cuts in federal funding coming to California as a consequence of President Donald Trump’s sweeping tax and spending bill, said Suzanne Jimenez, chief of staff for Service Employees International Union-United Healthcare Workers West, which helped lead the charge for the initiative. If we do nothing, our healthcare system will collapse as we try to find a longer-term solution to support it, she told the BBC.
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