Before approving a one-time tax on the wealth of billionaires who lived in the state at a certain point in time, Californians should consider what such a policy will do to future tax revenues. Since wealth is mobile, those who stand to lose the most will simply leave.
When California voters head to the polls, they won’t just be considering a new tax — they’ll be deciding whether to allow the state to confiscate wealth. What else would you call it if a state suddenly and retroactively grabs 5% of about 200 individuals’ net worth with a “one-time” tax? Proposition …
SACRAMENTO, Calif. (AP) — California could become the first state in the nation to tax the net worth of billionaires Tuesday under a ballot measure that has divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history as the ultra-rich scramble to figure …
Some of the state’s wealthiest residents have spent hundreds of millions to defeat Prop. 40, the “billionaire tax.” Supporters say billionaires should pay their “fair share” and help fund social services.
Voters across California are heading to the polls Tuesday to choose the state's next governor, decide the closely watched Los Angeles mayoral race and weigh in on 14 ballot propositions. Voting centers across L.A. County, which are expected to be busy all day, will open at 7 a.m. and close at 8 p.m.
This Tuesday, Californians are voting on a landmark plan to impose a one-time tax on billionaires to fund the state's healthcare system. We take a closer look. Also on the show: global oil prices fell sharply on the eve of the US midterm elections.
By Carlos E. Castañeda Voters in California are deciding whether to enact a tax on the state’s wealthiest residents, following a campaign that has split traditional Democratic Party allies and shattered spending records for a tax-related measure in California.
Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.
California's 14 s ballot measures include a billionaire tax, voter ID, changes to recall elections, and a bid to speed up building by limiting environmental reviews.
(KRON) -- Proposition 40 is also known as the Billionaire's Tax. Supporters framed it as a monumental step toward reining in deep wealth inequality. Critics say it will trigger wealthy people to flee the state.
Could California become the first state in the country to enact a billionaire tax? Voters will decided on Proposition 40, which is an effort to fund the state's healthcare system.
California’s voters have rejected a number of propositions, including a billionaire tax, while simultaneously approving a number of bond measures. Prop. 40 would have established a one-time 5% tax on California’s billionaire class.
Prop 40, California's billionaire's tax, is in the hands of voters. Track election results here on the measure that would enact a 5% tax on billionaires.
Proposition 40, which would impose a one-time wealth tax, was well below a majority Tuesday night. Proposition 42, a billionaire-backed countermeasure, was leading.
Some of the state’s wealthiest residents have spent hundreds of millions to defeat Prop. 40. Supporters say billionaires should pay their “fair share.”
(FOX40.COM) — Proposition 40 faltered out of the gate Tuesday night as chances began to fade that California voters would pass the measure that would tax the state's wealthiest residents. Prospects for Prop 40, commonly known as the “Billionaire Tax," appear dreary.
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