California billionaire tax moves closer to November ballot: What to know

[Yo_Mama_Been_Loggin]

Source: Yahoo Finance

Backers of a proposed tax on California billionaires say they have collected enough signatures to bring the measure to a statewide vote this fall.

The labor union Service Employees International Union-United Healthcare Workers West (SEIU-UHW) says it is spearheading a tax on the state's ultra-wealthy to prevent hospital and clinic closures, protect healthcare jobs, and help fund K-14 public education and state food assistance programs.

Opponents say the tax would fuel an exodus of wealthy company founders and investors, spark job losses, and further weaken California's economy.

On Monday, supporters submitted more than 1.5 million signatures to election officials for the petition seeking a state vote on the billionaire tax. About 875,000 registered voters must be validated by June 24 to put the measure on the November ballot.

Read more: https://finance.yahoo.com/personal-finance/taxes/article/california-billionaire-tax-moves-closer-to-november-ballot-what-to-know-152556443.html

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[hueymahl]

1. This will be a disaster for California if passed

It is one thing to tax income, quite another to tax assets. I predict a massive waive of billionaires leaving California and this ends up being a net negative to total tax collected.

[eggplant]

3. Why would they leave the state?

They really don't care about actual money. Moving would needlessly inconvenience them.

[kimbutgar]

6. California is a beautiful state and let them go but they must sell their ALL of their homes to avoid taxes

Move to Texas of Florida and watch for the massive storms and air pollution make their lives more miserable !

[Torchlight]

2. The craven worked hard for tax shelters

and would more often than not, despise contributing any more than they themselves believe is appropriate. Greed requires discipline sometimes.

[MichMan]

4. Have they said how they are planning to go about assessing the value of people's total assets?

To first a) determine who is eligible for the tax, and then b) to determine the value of their total wealth. I would assume that includes things like homes, businesses, investments, vehicles, art, jewelry, collectibles, and everything else someone might own.

[AZProgressive]

5. I support this

The big ugly bill is leading to a lot of hospital closures and health care cuts that this bill is trying to address.

Most will pay the tax and stay which is usually what happens with modest tax increases.