"As drafted, the billionaire tax is a temporary fix to a permanent, structural problem, trying to backfill the damage caused by the Trump administration's disastrous cuts to Medi-Cal, the healthcare system for more than one in three Californians,"
"Let me be clear though: If there's an opportunity to tax wealthy people to fund health care and education, I'd vote for it all day long."
Tom Steyer, a billionaire running for California governor, said he will vote for a proposed one-time 5% tax on billionaire wealth if it reaches the November ballot, while expressing concerns about the levy’s design. He characterized the measure as a temporary fix to structural problems caused by federal cuts to Medi-Cal and said he supports taxing the wealthy to fund health care and education. The proposal, advanced by a union to fund health care, has split Democrats: Governor Gavin Newsom and Katie Porter opposed it while Bernie Sanders and Rep. Ro Khanna endorsed it. The measure must gather nearly 900,000 signatures to qualify and could raise tens of billions, though state analysis warns potential long-term revenue losses if wealthy residents leave. Steyer could face an estimated $237 million tax bill based on a $4.75 billion net worth if the proposal passes.
Read at Fortune
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