California Democratic Gov. Gavin Newsom is facing another blow after a massive wealth tax he warned could cause a wealth and business exodus from the state was officially added to the November ballot.
Despite his opposition, the measure's sponsor, Billionaire Tax Now, announced Thursday that it was officially being added to the state's ballot. The measure, called the California Billionaire Tax Act, would impose a one-time, "emergency" 5% tax on Californians with assets exceeding $1 billion. The tax has been endorsed by socialist Sen. Bernie Sanders, I-Vt., who called it "reasonable and necessary" "at a time of unprecedented and growing wealth consolidation and income inequality."
However, Newsom, a rumored frontrunner for the Democratic Party’s presidential nomination, has come out strongly against the tax, citing fears that billionaires will simply up and leave to states like Texas or Florida.
