Explaining California's billionaire tax: The proposals, the backlash and the exodus [Los Angeles Times (CA)]
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Source: Los Angeles Times
The proposed billionaire tax that triggered the tempest is still far from being approved by voters or even making the ballot, but the idea has already sparked backlash from vocal tech moguls — some of whom have already shifted their bases outside the state. Under the Billionaire Tax Act, Californians worth more than $1 billion would pay a one-time 5% tax on their total wealth. The Service Employees International Union-United Healthcare Workers West, the union behind the act, said the measure would raise much-needed money for healthcare, education and food assistance programs. Other unions have piled on billionaires , targeting the rich in Los Angeles. A group of Los Angeles labor unions said Wednesday that it is proposing a ballot measure to raise taxes on companies whose chief executive officers earn 50 times more than their median-paid employees. Here is how this fight could continue to play out in the Golden State: Who would be affected? The California billionaire tax
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