California Democrats’ have voted to support behind Proposition 40, a one-time 5% tax on billionaires’ assets to fund healthcare and restore safety-net programs. Gov. Gavin Newsom, major unions and tech leaders warning the tax could destabilize California’s budget and drive billionaires away.
The California Budget & Policy Center (Budget Center) is a nonpartisan research and analysis nonprofit . The Budget Center does not endorse or oppose ballot measures.