Billionaire Tax Act
Coverage of Billionaire Tax Act in the Nexus archive.
- See the list of California's 200-plus billionaires who could be hit by the proposed wealth tax if it passes
California's proposed Billionaire Tax Act would impose a one-time 5% tax on residents with a net worth over $1 billion. The tax plan, which could appear on the November ballot, faces opposition from critics who warn it may drive wealthy residents out of the state and lacks sustainable funding, while supporters argue it would fund healthcare, education, and food assistance.
- Sacramento created California’s budget problem — billionaire tax won’t fix it
The article argues that California's budget issues stem from Sacramento's policies and that the proposed Billionaire Tax Act will not resolve them. It critiques proponents' claims that President Donald Trump and Washington Republicans caused healthcare cuts, referencing a Hoover Institution analysis on the impact of Trump's policies on Medi-Cal.
- California billionaire tax has enough signatures for ballot, backers say
Advocates for California's Billionaire Tax Act claim to have collected 1.6 million signatures, surpassing the 874,641 required by state law to qualify the measure for the November ballot, as reported by the Los Angeles Times.