Are California voters about to impose ‘world’s first’ tax on billionaires?
Few places on the planet have as many ultra-wealthy residents as California, a US state known for glamour, coastal mega-mansions, and being home to the rich and famous.
California's residents are on the cusp of potentially imposing the world's first tax on billionaires, according to a vote set to take place. The measure, Proposition 40, seeks to levy a 5% tax on the net worth of the state's billionaires, with the aim of funding healthcare improvements. The state, known for its wealth and high concentration of billionaires, is also grappling with homelessness and a significant wealth gap.
Supporters argue that the tax will help redistribute wealth and safeguard the state's budget, while opponents contend it could drive the ultra-wealthy out of the state and reduce crucial tax revenue. With over 200 billionaires currently residing in California, the vote has already stirred controversy, causing some of the state's wealthy to flee.
While the measure has garnered support from tech billionaires like Nvidia CEO Jensen Huang, it has also faced strong opposition from figures such as Google co-founder Sergey Brin and the state's then-governor, Gavin Newsom. The ballot measure would need a majority of voters to approve it, a feat that is currently uncertain as a recent poll showed 45% in favor, 42% opposed, and 13% undecided.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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