Billionaire tax secures spot on California ballot

Billionaire tax secures spot on California ballot

A one-time wealth tax on billionaires living in California has qualified to be on the ballot in November.

© The Associated Press

California Secretary of State Shirley Weber said Wednesday the measure, called the Billionaire Tax Act, received enough signatures and will be certified on June 25 to be included on the ballot for the midterm elections.

If approved, the measure, championed by Sen. Bernie Sanders (I-Vt.), would impose a 5 percent tax and allocate 90 percent of the collected tax revenue for healthcare programs and 10 percent for food assistance or education-related programs.

The measure exceeded the 962,106 valid signatures expected to back the initiative, surpassing the 874,641 signatures from registered voters required by state law.

But the ballot initiative has divided some California Democrats who argue it could push billionaires out of the state — particularly in Silicon Valley.

Google co-founder Sergey Brin previously warned that the tax will undermine California businesses and force business leaders out of state.

California Gov. Gavin Newsom (D) also opposes the initiative, arguing that it should be used across the country instead of solely in the West Coast state.

He told The New York Times earlier this year that there was “no question in my mind” that the measure would be defeated.

Newsom has been at the center of........

© The Hill