California Democrats defy Newsom, back billionaire tax

The California Democratic Party narrowly endorsed Proposition 40, a ballot measure that would impose a one-time five percent tax on the state's billionaires, raising an estimated one hundred billion dollars to offset federal cuts to Medi-Cal. As CalMatters tells it, the endorsement puts the party at odds with prominent figures like Governor Gavin Newsom and Democratic gubernatorial candidate Xavier Becerra, both of whom oppose the measure. Yet voters seem to feel differently: polls show over three-quarters of California Democrats support the tax. Opponents worry billionaires may flee the state, eroding California's income tax revenue base. Voters will decide in November.

Listen to this story

Hear this and more stories in a personalized audio briefing.

Open The Chonkerton