Meet the Billionaires Opposing California’s Prop 40 Tax

• California’s Prop 40, known as the billionaire tax, would impose a one-time 5% tax on the net worth of around 200 billionaires that live in the state.
• The windfall from this proposed tax would mostly go toward funding California’s healthcare programs.
• The state’s Medicaid program alone could lose up to $30 billion in federal funding once Trump’s budget cuts take effect next year. - Tech Crunch
• - The measure would require the state to spend 90 percent of the revenue from the billionaire tax on health care. - NY Times
• Billionaires Prepare $87 Million Ad Campaign to Block California Wealth Tax. The measure would require the state to spend 90 percent of the revenue from the billionaire tax on health care. - NY Times.

Meet the billionaires spending millions to avoid paying their fair share

Billionaires buy $87 million of advertising to avoid getting taxed

"A coalition of billionaires who could have to pay a proposed wealth tax in California has made its most significant move so far to undermine such a tax: It has reserved nearly $87 million of advertising time across the state to air TV commercials.

A measure on the November ballot, Proposition 40, would assess a one-time tax on California residents with a net worth of at least $1 billion. The specter of the tax has already caused some of California’s wealthiest individuals to flee the state or to spend money on California political campaigns like never before. Rather than directly oppose the initiative, the billionaire-backed coalition, Building A Better California, has gotten two of its own tax-related measures onto the ballot. Those measures contain provisions that could invalidate the billionaire tax if one of them also passes." - NY Times

TakeAway: Vote YES on Prop 40. Make billionaires pay their fair share.

Deepak
DemLabs

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