Gov. Gavin Newsom (D-CA) is sparring with other Democrats over California’s proposed billionaire tax, publicly endorsing a ballot measure that would cancel out the proposed tax on the state’s wealthiest residents.
California voters hitting the polls this midterm season will vote “yes or no” on Proposition 40, a ballot measure that asks whether or not the Golden State should impose a one-time, 5% net-worth tax on billionaire residents. While the proposal is supported by progressive Rep. Ro Khanna (D-CA) and socialist Sen. Bernie Sanders (I-VT), Newsom has put his foot down against the proposal, saying in June that he supports a national billionaire tax instead, as critics of the state ballot measure worry about industry heads fleeing California for other states to avoid the levy.
