Rarely does the mere filing of a #ballot #initiative scramble politics in California.
But the "#Billionaires #Tax" proposal is suddenly dominating the discourse
as proponents collect signatures to place it on the November ballot
— and wealthy residents, like Google co-founders
Larry #Page and Sergey #Brin,
move their assets out of the state rather than wait to see if it will pass.
The idea of taxing billionaires’ total assets
— a more aggressive idea than the income taxes California already levies on high earners
— has long captivated the left,
galvanizing labor and shaping presidential politics.
But now that
SEIU-UHW,
a union representing more than 100,000 health care workers,
has pushed the idea closer to reality than ever before,
California is getting a vivid glimpse of just how politically explosive the proposal is
and, for supporters, how high the stakes are for getting it right
The fight has reignited a struggle over the Democratic Party’s economic agenda in the runup to the 2028 presidential contest,
-- drawing vehement denunciations from Governor #Newsom and prominent Democratic donors like Reid #Hoffman
-- while being embraced by progressives like Ro #Khanna,
who represents Silicon Valley and is also mulling a presidential run.
Sen. Bernie #Sanders called it “a model that should be emulated throughout the country.”
“This isn’t radical. This is fairly simple. We live in the wealthiest country in the world and people are struggling,”
Liz #Perlman, executive director of AFSCME 3299, said on a call this week in which unions and progressive groups from around the country trumpeted higher taxes in all 50 states.
But beyond Perlman, the unions on that call did not necessarily embrace a wealth tax. And even Democrats championing populist economic messages are treading cautiously on this particular wealth tax proposal.
California Sen. Adam #Schiff, for example, signed onto a letter this week encouraging Democrats to “demonstrate a real willingness to take on corporate power and the billionaires” in advance of the midterms.
But Schiff has not yet taken a position on the proposal roiling politics in his home state.
https://www.politico.com/news/2026/01/16/wealth-tax-push-california-politics-00732882
