POLITICSFORTUNE
The union behind California’s billionaire tax is blinking, but Gavin Newsom wants to inflict total defeat
A labor union scaled back its proposal for a one-time 5% tax on California billionaires to 2%, but Governor Gavin Newsom rejected the compromise. The revised tax aims to generate $100 billion for healthcare and education but faces opposition from Newsom and groups like the California Medical Association, who argue it would harm state revenue and public services.
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Adjacent reporting
- California labor union offers to scale back billionaire tax proposal after pushback
- California union’s billionaire tax qualifies for ballot amid fierce opposition
- Union Behind California Billionaire Tax Offers to Reduce the Rate
- Billionaire tax launches civil war as powerful union breaks with progressives
- Gov. Gavin Newsom vowed to stop California's billionaire tax. He has just over a week left to keep it off the ballot.
- California billionaire tax proposal is slated to qualify for the November ballot