The Newshound

California voters decide today whether to make theirs the first US state to impose a one-time billionaire wealth tax

California votes today on whether to become the first US state to impose a direct wealth tax on billionaires, with opponents warning the measure could drive the ultra-rich to leave the state.
California votes today on whether to become the first US state to impose a direct wealth tax on billionaires, with opponents warning the measure could drive the ultra-rich to leave the state.

If it passes, California would become the first US state to impose a direct wealth tax on billionaires. The vote comes amid fierce debate over whether the ultra-rich pay their fair share.

Opponents warn the tax could push billionaires to leave California, shrinking the state's tax base long-term.

The measure has split voters sharply, with the Los Angeles governor's race and mayor's contest also on the midterm ballot.

The proposition is seen as a direct challenge to Trump's billionaire-friendly federal tax agenda.

MoreThe IndependentCalifornia proposes one-time 5% tax on residents with a net worth of $1 billionAPCalifornia could become the first state to tax billionaires’ wealthYahoo'Billionaire tax' divides voters in California - Yahoo
Read today's full feed at The Newshound →