āHeās showing California his true colors,ā Debru Carthan, vice president of Service Employees International Union-United Healthcare Workers West (SEIU-UHW)āwhich is leading the campaign for the California billionaire taxāsaid in response to Newsomās endorsement of Proposition 42. āHeād rather millions of children and families lose their healthcare than ask a couple hundred billionaires to finally pay their fair share.ā
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But critics have described Prop 42 as a āpoison-pill measureā whose supporters are fearmongering about a nonexistent threat to retirement savings in an effort to defeat the proposed billionaire tax, revenue from which would be used to fund healthcare, food aid, and education in the state.
āIts true target is Prop 40,ā the editorial board of the San Francisco Chronicle wrote of the Newsom-backed measure. āProp 42 papers over its real purpose by cynically appealing to middle-class worries about retirement security. Reject this appalling tactic and disincentivize its further use by voting no.ā
Newsom has opposed the idea of a wealth tax on Californiaās billionaires from the proposalās inception, pitting him against major unions, the California Democratic Party, and prominent national progressives such as Sen. Bernie Sanders (I-Vt.) and Rep. Ro Khanna (D-Calif.).
Gavin Newsom please stop doing politics already, we all hate you and can see right through your shallow bs.
The state needs the money if they have any shot of covering the services shortfall that was cut federally. Itās not about being punitive, thatās just how they want you to think about it for propoganda purposes.
Then the state legislature can extract the money through, I dunno, actual taxes. Prop 40 was written by some university professors and got on the ballot because enough people signed a petition for a āwealth taxā. The wealthy, along with corporations, absolutely need to pay more in taxes. But a āone timeā (how will that phrasing play in future attempts at properly taxing them!?!) siphoning of money (a mere 5%) will be a quick fix thatāll be gone within a year if the measure even survives the lawsuits.