Katie Porter rips apart California billionaire tax and reveals where the cash will actually go

Failed California gubernatorial candidate Katie Porter, who had promised to quit politics, has instead leaned all in on opposing the state’s proposed one-time billionaire tax.The former congresswoman wrote an op-ed blasting Prop 40, a one-time 5% levy on the wealth of all billionaires in California that supporters say would help soften the impact of health care cuts.The Democrat did not hold back her criticism of the “ass backwards” measure, which will appear before voters in November.The biggest news, opinion and culture shaping California right now.

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Never miss a story “Proposition 40 is a prime example of a seemingly progressive-sounding policy solution that ultimately just perpetuates the status quo,” Porter said.“It does nothing to reform our healthcare system and would send billions in tax dollars to private health insurance companies and corporations that dominate our healthcare system,” she claimed.Porter said the “band-aid” proposal won’t fix inflation-driven skyrocketing health care costs and that there are zero guarantees the revenue would actually reach patients.She noted that the California Medical Association, the California Primary Care Association and Planned Parenthood Affiliates of California all opposed Prop 40.Additionally, she reiterated opponent’s claims that the measure threatened the state budget if wealthy Californians fled the state, in turn devastating the state’s economy.

“Trading recurring general fund revenue, which reliably pays for schools, public safety and healthcare year after year, for a one-time cash infusion is a bad deal for California’s future,” she said.The Post reached out to the Yes on Prop 40 campaign for comment on Porter’s claims.Before September, Porter made few mentions of her Proposition 40 opposition and for slightly different reason...