California Billionaire Tax
California voters to decide on 5% tax on billionaires' net worth, potentially raising $100 billion for healthcare
Key points
- The California Billionaire Tax Act proposes a one-time 5% levy on residents with wealth over $1 billion
- Estimated $100 billion raised would fund healthcare for low-income people, backed by SEIU-United Healthcare Workers West union
- Billionaires have spent millions to block the initiative, including filing competing initiatives
- If passed, the tax could set a precedent for similar initiatives nationwide, potentially impacting billionaires' influence and wealth
The California Billionaire Tax Act is set to go before voters on November 3, marking the nation's first tax on net worth. The proposed tax would impose a one-time 5% levy on residents with wealth exceeding $1 billion. Much of the estimated $100 billion raised would fund healthcare for low-income people. The initiative is backed by the SEIU-United Healthcare Workers West union and has sparked an epic election battle. Billionaires have already dropped millions to block the initiative, including filing competing initiatives to undermine the tax. The outcome of the vote could have significant implications for the nation, potentially setting a precedent for similar tax-the-rich initiatives across the US.
Sources
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