The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.
Californians will decide whether to adopt the proposal during the 2026 midterm election.
The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.
BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGES
The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.
As the close votes demonstrated, Democrats are divided on the issue.
SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX
U.S. Rep. Ro Khanna, D-Calif., supports the proposal.
But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it.
CONSERVATIVES FLIP SCRIPT ON NEWSOM AFTER HE DEMANDED 25TH AMENDMENT FOR TRUMP: ‘PROPPED UP A VEGETABLE’
“But I’m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires’ tax. A true minimum tax on billionaires — a modern Buffett Rule — that ensures the people at the very top pay at least the tax rate their own workers pay.”
Read the full article here