A California proposal that would implement a one-time tax on the state’s wealthiest residents has qualified to appear on the ballot in November, according to Secretary of State Shirley Weber.
The so-called billionaire tax exceeded the required signature threshold Wednesday and is expected to be certified by Weber on June 25. The health care union behind the proposal, Service Employees International Union-United Healthcare Workers West, still has the option to withdraw the proposal before the confirmation deadline.
‘I’ll do what I have to do to protect the state.’
Trending: ‘Pure evil’: Gay couple raped adopted baby boy before brutally killing him
If enacted, the proposal would impose a tax of up to 5% on the net worth of California billionaires, with the full rate applying to those worth more than $1.1 billion, retroactive to anyone with primary residency in the state
Continue reading
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!