Billionaires and Politicians Clash Over California Tax Bill
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A pair of billionaires, along with other wealthy individuals, have recently upped their contributions to Building a Better California, a PAC formed earlier this year to oppose Proposition 40, which would impose a one-time 5% tax on California residents with more than $1 billion in assets to increase healthcare funding in the state.
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Common DreamsThe Sergey Brin group Building a Better California is officially opposing the California billionaires tax — donating $5 million to the “No” push to defeat it. pic.twitter.com/GsP2h9ZhXR
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Over the weekend, billionaire entrepreneur and investor Mark Cuban publicly sparred over this question with Rep. Ro Khanna (D-Calif.), one of the most prominent defenders of the proposed tax. Cuban argued Prop. 40 misunderstands founders can be billionaires on paper while still being cash-poor and could drive startup talent out of the state entirely.
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RealClearMarketsGood on Mark Cuban for taking Ro Khanna down. More business leaders need to speak up against Proposition 40, the billionaire tax, especially while infighting threatens to divide the opposition to i… Read Full Article »
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“The government would still collect from the vast majority of billionaires who are not illiquid,” Khanna wrote.
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Sen. Sanders with Rep. Khanna also introduced legislation in March that would take a version of California’s billionaire tax to the national level.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 Common Dreams Debru Carthan, the vice president of Service Employees International Union-United Healthcare Workers West, said in a statement that "California billionaire Sergey Brin would rather spend $100 million to fund a shady opposition campaign than simply pay his fair share in taxes so millions of Californians don’t lose their healthcare."
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02 New York Post Business A massive network of underground vaults is being carved into the Swiss Alps, offering the ultra-wealthy a heavily fortified place to stash everything from priceless art and gold to vintage Ferraris and expensive wine.
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03 Fortune Silicon Valley made a fortune betting on disruption. Now some of the most recognizable names in venture capital and Big Tech are spending millions to disrupt California’s plan to tax them.
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04 RealClearMarkets Troubling Polling News About California's Billionaires' Tax Editorial, California Post There are two choices that should be no-brainers for California voters in November.
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- rcmarkets
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- nypost-biz