A labor union behind a controversial tax on California billionaires significantly scaled back its proposal a day after it qualified for the November ballot, but the offer Thursday wasn’t enough to get Gov. Gavin Newsom on board.
California billionaires tax 2026
Coverage of efforts to pass a one-time tax on California billionaires in the November 2026 election.
Posted inPolitics & Policy
California union’s billionaire tax qualifies for ballot amid fierce opposition
A California union wants to tax billionaires to fund healthcare. The initiative has drawn fierce opposition from Gov. Gavin Newsom and Silicon Valley moguls.
Posted inPolitics & Policy
Billionaire tax proposal on track to qualify for California ballot, backers say
A controversial proposal in California to temporarily increase taxes on billionaires has enough signatures to qualify for the November ballot, a labor union backing the measure said Monday.
Posted inPolitics & Policy
Bernie Sanders warns of ‘billionaire class’ as California wealth tax fight intensifies
“They believe they have the divine right to rule,” U.S. Sen Bernie Sanders told a crowd in Los Angeles Wednesday night. A proposed ballot measure would tax billionaires’ net worth by 5% for health care and schools, but top Democrats say it will drive them away.
Posted inPolitics & Policy
Bernie Sanders and Gavin Newsom become adversaries over push to tax California billionaires
Vermont Sen. Bernie Sanders will be in Los Angeles on Wednesday to campaign for a proposed tax on billionaires, putting him at odds with California Gov. Gavin Newsom.
Posted inPolitics & Policy
Proposed billionaires tax in California rattles Silicon Valley, entangles Newsom
A proposed tax on billionaires in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. Gavin Newsom maneuvers to defeat a levy that he fears will lead to an exodus of wealth.
