Sen. Bernie Sanders says California’s proposed 5% billionaire wealth tax could preserve healthcare coverage for 3 million working-class residents; voters decide on Proposition 40 Nov. 3. He says opponents are spending $229 million to defeat it.
Sanders says the tax would apply to more than 200 California billionaires with a combined $2.2 trillion in wealth; he claims they gained $500 billion last year and pay lower effective tax rates than plumbers or nurses. He says Sergey Brin is spending more than $100 million to defeat the measure and would owe $13.5 billion more if it passed, while still holding $256.5 billion. Sanders also named Mark Zuckerberg, Larry Page, Larry Ellison, Eric Schmidt and Peter Thiel as opponents, saying the five are worth $646 billion combined.
California’s nonpartisan Legislative Analyst’s Office said the measure could temporarily generate tens of billions of dollars over several years, but reduce annual state income-tax revenue by less than $1 billion if some billionaires leave. Eric Schiffer, a family-office chairman, told Fox Business it could prompt business leaders to leave. The article also cites prior reports that Brin moved to Nevada, donated $57 million to a group opposing new personal-property taxes, and relocated or terminated 15 California LLCs.
