California Democrats go full socialist in endorsing billionaire tax

The California Democratic Party has endorsed Proposition 40, the proposed billionaire wealth tax.The most interesting part of that decision, however, was not who supported it — but who opposed it.Gov.

Gavin Newsom declined to endorse the measure.Former US Health and Human Services Secretary Xavier Becerra opposed it.

Major Democratic-aligned public sector unions, including the California Teachers Association and California Professional Firefighters, lined up against it as well.According to reporting, Newsom and his allies even sought a compromise that would have replaced the ballot initiative with a less economically damaging alternative. Newsom wanted the measure off the ballot because it doesn’t play well for his Democratic presidential primary hopes.SEIU United Healthcare Workers West, which put the billionaire tax on the ballot, publicly offered to reduce the tax from 5% to 2%, which Newsom rejected. Newsom’s team instead offered roughly $7 billion in healthcare funding over several years.

But the union sought much more extensive healthcare funding and, according to some reports, additional labor-related concessions.There was no deal, and so the voters will decide.That should give Californians pause: This is not simply a disagreement between Republicans and Democrats over taxes.

It is increasingly a disagreement within the Democratic Party over whether California can continue treating a remarkably small group of entrepreneurs and investors as an inexhaustible source of revenue.California's top news, sports and entertainment delivered to your inbox every day.

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Never miss a story Supporters argue that the wealth tax would affect only a few hundred billionaires while raising roughly $100 billion for healthcare and other public priorities.Those goals are understandable, particularly as California fac...