Laura J. Nelson and Paul Kiernan at WSJ:
The idea seemed simple at first: a one-time tax on California’s billionaires to counter looming cuts to Medicaid.Newsom opposes the tax, and not just for fear of offending the rich. Marisa Lagos at KQED:
Instead, the proposed wealth tax has exposed deep divisions among Democrats and created strange bedfellows on both sides working to defeat or pass the proposal.
Drama surrounding the measure includes a fight among labor unions worried their own priorities will suffer, tech elites putting down hundreds of millions to defeat it and allegations of extortion and harassment by the tax’s architect.
The messy fight has gripped California for the past year and shows how enacting a long-heralded concept on the left—taxing billionaires’ stratospheric wealth—is far from easy, even in one of the nation’s bluest states. It has been one of the costliest ballot fights in California’s history.
Voters will decide on Nov. 3 whether to approve the nation’s first-ever wealth tax targeting billionaires. The latest independent polls show slightly more voters support than oppose the tax, with large numbers undecided. Democratic voters show much stronger support—despite opposition by many of their leaders.
The tax is “already a hot mess, no matter what happens,” said Katie Porter, a progressive former congresswoman from Orange County who opposes it.
Fernando Guerra, a political science professor at Loyola Marymount University, said he thinks Newsom’s opposition to the billionaire tax will help him with centrist Democrats he would need to capture the Democratic nomination in 2028.
“It defuses him being the total lefty from California,” said Guerra, who predicted that the tax will get defeated.
But the billionaires may not be Newsom’s only audience. Fernando Guerra, a political science professor at Loyola Marymount University, said he thinks Newsom’s opposition to the billionaire tax will help him with centrist Democrats he would need to capture the Democratic nomination in 2028.
“It defuses him being the total lefty from California,” said Guerra, who predicted that the tax will get defeated.