Newsom Endorses Ballot Measure That Would Cancel Out Billionaire Tax—and Ban Future Wealth Taxes | Common Dreams
18 hours ago by supersquirrel to c/politics
“He’s showing California his true colors,” Debru Carthan, vice president of Service Employees International Union-United Healthcare Workers West (SEIU-UHW)—which is leading the campaign for the California billionaire tax—said in response to Newsom’s endorsement of Proposition 42. “He’d rather millions of children and families lose their healthcare than ask a couple hundred billionaires to finally pay their fair share.”
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But critics have described Prop 42 as a “poison-pill measure” 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.
“Its true target is Prop 40,” the editorial board of the San Francisco Chronicle wrote of the Newsom-backed measure. “Prop 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.”
Newsom has opposed the idea of a wealth tax on California’s billionaires from the proposal’s 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.
What we really need is a rollback of the Reagan tax cuts, and an actual end to TRICKledown economics, just for starters. Economic Vampires like Newsom must be excised from the Democratic party.
Prop 40 is basically a performative measure that will get tossed out in court. And it’s completely toothless. A quick little one time handout. The tax code needs to be changed at the Federal level. But hey, if this get y’all to actually vote, fine.
The state needs the money if they have any shot of covering the services shortfall that was cut federally. It's not about being punitive, that's 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 “wealth tax”. The wealthy, along with corporations, absolutely need to pay more in taxes. But a “one time” (how will that phrasing play in future attempts at properly taxing them!?!) siphoning of money (a mere 5%) will be a quick fix that’ll be gone within a year if the measure even survives the lawsuits.
The billionaires got their president. It’s “find out” time.
Yeah, you want everything so you oppose anything short of that. And that'd just mean that we'll be stuck even longer with the status quo.
And this is why we're fucked. The system needs to change, but the people with the power to do so don't want the changes we need as it would remove their wealth and power... so when's the revolution because it'll only get worse until then.
At the current rate, it would take 30 days for people to make that money back. They really really need to pay up, they forgot what the alternative is if they don't.
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Double down and make this an annual tax.
save