Billionaires tax getting dry-run in California before socialists, AOC hits DC
A billionaires’ tax pushed by radical leftists such as Sen.Bernie Sanders on California’s ballot next month — and with “Squad” Rep.
Alexandria Ocasio-Cortez ready to take the idea national — a furious, freak alliance of enemies has formed to try to kill it.Democratic Gov.Gavin Newsom is locking arms with furious Republicans, Hollywood elites, and Silicon Valley tech titans to crush the Golden State tax hike before it starts.Proposition 40 would slap a one-time 5% surtax on the wealth of California billionaires and send most of the money to healthcare, to be paid beginning in 2027 in up to five annual installments.If the tax scheme passes by referendum on the Nov.
3 ballot, it has the potential to kickstart the debate in Congress, or it could even get copied in other high-wealth states.Sponsored by the powerful Service Employees International Union and United Healthcare Workers West, it is also backed by democratic socialist Sanders (I-Vt.) and comrade Rep.Ro Khanna (D-Calif.), who represents Silicon Valley.It’s also gotten a boost from advisors to radical leftist Sen.
Elizabeth Warren (D-Mass.), and its top individual donor is Saikat Chakrabarti, a former chief of staff to Ocasio-Cortez (D-NY), who gave $201,000.Those two lawmakers, plus Sanders, are behind efforts in Congress to try to tax billionaires’ wealth.“It’s a blueprint for direct democracy in the states to retake their power and address some of the actions by Congress,” said Robert Dempsey, San Francisco-based political director of the Sanders-linked Our Revolution, which is pushing the proposal, venting about 2025 Medicaid cuts.“When leaders don’t lead, the people will hold them accountable.
This transcends partisanship,” he warned.A Mason-Dixon poll last month found support for the measure leading 48% to 39%, with 14% undecided.
The proposal has since come under a barrage of attack ads — not only from potential White House hopeful Newsom — but from Democratic gubernat...