2 months ago
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SAN FRANCISCO (KGO) -- A connection to taxation billionaires successful California could rise up to $100 cardinal to adjacent the spread connected national wellness attraction cuts.
U.S. Senator Bernie Sanders is present backing the campaign.
Meanwhile, immoderate big-name billionaires person reportedly threatened to permission the state.
MORE: California national proposes taxing billionaires to offset Medicaid cuts
State labour groups are calling for a one-time 5 percent exigency taxation connected respective of California's wealthiest residents.
"We are calling connected California's astir 200 billionaires to measurement up," said Renee Saldana, a spokesperson for SEIU United Health Care Workers West labour union.
Many of those billionaires are heads of companies successful Silicon Valley and San Francisco.
If the connection gets capable signatures, it volition look connected the statewide ballot successful November.
SEIU-UHW says the taxation would assistance adjacent the spread connected national wellness attraction cuts.
"Right now, a monolithic $100 cardinal chopped is going to deed California's wellness attraction strategy erstwhile we rotation into 2026," said Saldana.
Supporters accidental the exigency billionaire taxation volition forestall a statewide wellness attraction collapse.
MORE: House passes GOP wellness attraction measure that doesn't widen ACA subsidies
"This would assistance support ERs open, support wellness attraction workers serving patients," said Saldana.
Congressman Ro Khanna represents overmuch of Silicon Valley.
He supports the proposal, saying it volition beryllium bully for American innovation.
A spokesperson for Rep. Khanna wrote that the typical has "always supported a humble wealthiness taxation connected billionaires to woody with staggering inequality and to marque definite radical person healthcare."
Governor Gavin Newsom says helium opposes the wealthiness taxation proposal.
At the New York Times Dealbook league earlier successful December, helium said California has to beryllium pragmatic.
MORE: California hires ex-CDC leaders who were fired oregon discontinue nether Trump
"It's not thing to beryllium panicked about, but it's portion of the broader interest and communicative that's developed successful this state of the haves and have-nots, not conscionable income inequality, but wealthiness inequality," said Saldana.
Several tech billionaires person hinted they whitethorn permission the Golden State present - successful lawsuit the projected wealthiness taxation goes through.
It would retroactively use to anyone surviving present connected January 1, 2026.
"We've heard large names similar Peter Thiel and others that are threatening to leave," said Logan.
White House advisor David Sacks, who is besides a tech billionaire capitalist from San Francisco, posted connected x:
'...after blindly backing the Left for years, Silicon Valley is yet realizing what clip it is. Dinner Time. And they're connected the menu."
San Francisco State University Labor prof John Logan believes that if it happens, lone a tiny fig of billionaires would leave.
"Most tech billionaires -- who could easy spend to wage this 5-percent one-off tax-- are not going to upend their lives, determination to Austin, Texas, determination to Florida, determination to different parts of the country, fixed each the advantages they enjoy," said Logan.
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