California billionaire tax qualifies for ballot with sufficient signatures
Backers of a proposed tax on billionaires in California have announced that they have gathered enough signatures to place the measure on the ballot. The tax aims to fund public programs. (sources: cbsnews, thehill, theguardian, latimes, nytimes)
Advocates report that 1.6 million signatures have been submitted to support the proposed one-time, 5% tax on the state's billionaires. The measure will appear on the ballot in November.
- The proposed tax targets approximately 200 billionaires in California.
- The tax is intended to fund public programs.
- Opposition to the measure includes some tech leaders and state officials.
Why it matters
The outcome of the ballot measure could impact funding for public programs in California.
↓ Why this is on ModernAction
2 bills on this issue are moving right now — and the most active one is Billionaires Income Tax Act.
S2845 · 119th Congress
Billionaires Income Tax Act
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What S2845 actually does
This story is about California billionaire tax qualifies for ballot with sufficient signatures. This bill would modify federal tax rules so covered billionaires pay tax annually.
If passed, it would:
- Modify federal tax rules so covered billionaires pay tax annually (including by addressing deferral strategies • Increase federal revenue from very-high-wealth taxpayers, which could affect how public programs are funded nationally.
1 other bill moving on this issue
Take action on any of them individually.
This story is about California billionaire tax qualifies for ballot with sufficient signatures. This bill would impose a new federal wealth tax on covered taxpayers’ net value of taxable assets.
If passed, it would
- Impose a new federal wealth tax on covered taxpayers’ net value of taxable assets • Create related reporting/enforcement structures tied to administering a wealth tax.
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