The Newshound

Bernie Sanders lashes out at 'disgusting' billionaires as support for California's 'billionaire tax' plummets two days before the vote

California's proposed wealth tax would target unrealised capital gains and large fortunes directly, with analysts warning a "yes" vote could accelerate the exodus of high-net-worth residents.
California's proposed wealth tax would target unrealised capital gains and large fortunes directly, with analysts warning a "yes" vote could accelerate the exodus of high-net-worth residents.
Mark Zuckerberg and his wife as Proposition 40, a one-off 5 percent levy on Californians worth more than $1.1 billion, faces a Tuesday vote with polls showing limited support.
Mark Zuckerberg and his wife as Proposition 40, a one-off 5 percent levy on Californians worth more than $1.1 billion, faces a Tuesday vote with polls showing limited support.

A California Post poll conducted by McLaughlin & Associates puts Proposition 40 — a one-time 5% wealth levy on billionaires — trailing badly, with 52.6% of voters opposed and just 34.5% in favour, as Californians prepare to vote on Tuesday. Sanders told KCRA's Ashley Zavala the outcome was "quite disgusting," accusing billionaires of pouring money into defeating the measure while children lack healthcare. Pollster John McLaughlin identified voter scepticism as the key factor: "Voters just don't trust Sacramento politicians when it comes to taxes."

Google co-founder Sergey Brin, whose net worth is estimated at $267 billion, has poured over $100 million into defeating Proposition 40, a measure that could cost him roughly $13.3 billion.

Opponents secured places on the ballot for two counter-measures — Propositions 41 and 42 — either of which, if passed, would completely nullify the tax.

The measure has exposed divisions among Democrats: unions representing teachers, doctors and firefighters have cautioned that the tax could damage California's long-term budget outlook by pushing entrepreneurs to leave the state.

Morewsj.comCalifornia’s Proposal to Tax Billionaires Has Become a Mess for Democratstheepochtimes.comCalifornians to Vote on Proposed Billionaire TaxThe TelegraphCalifornia’s wealth tax vote has set billionaires up to loseNY PostBernie Sanders gives blazing interview as support for California billionaire tax plummets: ‘Disgusting’The HillBillionaire tax divides California Democrats, draws myriad questionsNYTOn the Ballot in California: The Prospects for a National Wealth Tax
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