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The 'poison pill' ballot measure that could kill the California billionaire tax
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The California billionaire tax could face a stiff challenge from a competing ballot measure that would ban state taxes on retirement accounts, according to tax experts.
California voters will decide the fate today of Proposition 40, known as the Billionaire Tax Act, which would impose a one-time tax of 5% on the total net worth of Californians worth over $1 billion. The so-called "billionaire tax" is one of the most widely watched ballot measures this election season, since it would be the first state tax on net worth and taps popular anger over the rising power and wealth of tech billionaires.
Californians to decide whether to tax billionaires with Proposition 40 vote
Voters in California are deciding whether to enact a tax on the state's wealthiest residents, following a campaign that has split traditional Democratic Party allies and shattered spending records for a tax-related measure in California.
Proposition 40 would levy a one-time 5% tax on California residents with a net worth of $1 billion, excluding real estate and certain retirement assets. Proponents of the measure say it is expected to generate $100 billion over five years, with 90% going toward healthcare programs and the other 10% for education, food assistance, and administration of the tax.
The proposal comes at a time when other states and federal policymakers are debating how to tax extreme wealth and finance public services, and are looking at how Proposition 40 is received by voters as a bellwether. The vote is being framed by supporters as part of a broader struggle over economic inequality and the political influence of the billionaire class.
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