A wealth tax proposal in California is running into left-leaning resistance, with critics arguing it's not a stable revenue source.
Taxing the rich is getting more popular. Here's why California's proposal lost steam anyway.
By
Juliana Kaplan
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The wealth tax has qualified for the November ballot, but a Gavin Newsom–brokered deal could still kill it.
If approved by voters, the one-time 5% tax on billionaire wealth would hit around 200 ultra-rich residents.
The Billionaire Tax Act would impose a one-time tax of 5% on the total wealth of California tax residents whose net worth is $1…
Factions for and against California's so-called "billionaire's tax" have expended tens of millions weighing in on the measure…
Residents in at least 10 states are organizing campaigns to tax wealth in order to fund schools and other social services
If approved by voters, the one-time 5% tax on billionaire wealth would hit around 200 ultra-rich residents.
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California billionaire tax proposal is slated to qualify for the November ballot
