{"id":12717,"date":"2026-08-03T15:44:38","date_gmt":"2026-08-03T15:44:38","guid":{"rendered":"https:\/\/stock999.top\/?p=12717"},"modified":"2026-08-03T15:44:38","modified_gmt":"2026-08-03T15:44:38","slug":"california-democratic-party-supports-billionaire-wealth-tax-proposal","status":"publish","type":"post","link":"https:\/\/stock999.top\/?p=12717","title":{"rendered":"California Democratic Party supports billionaire wealth tax proposal"},"content":{"rendered":"

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Altman Brothers Real Estate Owner Josh Altman discusses LeBron James facing California’s wealth tax despite moving to Philadelphia on ‘Varney & Co.’<\/p>\n

The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.<\/p>\n

Californians will decide whether to adopt the proposal during the 2026 midterm election.<\/p>\n

The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.<\/p>\n

BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES \u2014 AS A NEW ECONOMIC MAP EMERGES<\/p>\n

A supporter with the Billionaire Tax Now coalition holds a placard during a media briefing in Los Angeles on April 27, 2026. (Frederic J. BROWN \/ AFP via Getty Images \/ Getty Images)<\/p>\n

The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold, scoring about 61.7% support, the outlet noted.<\/p>\n

As the close votes demonstrated, Democrats are divided on the issue.<\/p>\n

SOME RICH CALIFORNIANS ARE GIVING AWAY CASH TO SKIRT THE STATE’S PROPOSED BILLIONAIRE TAX<\/p>\n

A voting booth as a voter casts their ballot at a polling location inside Echo Park Branch Library during a primary election in Los Angeles on Tuesday, June 2, 2026. (Kyle Grillot\/Bloomberg via Getty Images \/ Getty Images)<\/p>\n

U.S. Rep. Ro Khanna, D-Calif., supports the proposal.<\/p>\n

But Gov. Gavin Newsom, who is term-limited from running for re-election, has said he will vote against it.\u00a0<\/p>\n

CONSERVATIVES FLIP SCRIPT ON NEWSOM AFTER HE DEMANDED 25TH AMENDMENT FOR TRUMP: \u2018PROPPED UP A VEGETABLE\u2019<\/p>\n

California Gov. Gavin Newsom speaks during a press conference for a bill signing for a housing affordability reforms event in Oakland, California, on July 13, 2026. (Tayfun Coskun\/Anadolu via Getty Images \/ Getty Images)<\/p>\n

CLICK HERE TO DOWNLOAD THE FOX NEWS APP<\/p>\n

“But I\u2019m voting no because this measure dedicates almost all of the revenue it raises to a single category of state spending,” he wrote in a June Substack post. “So here is what I support: A national billionaires\u2019 tax. A true minimum tax on billionaires \u2014 a modern Buffett Rule \u2014 that ensures the people at the very top pay at least the tax rate their own workers pay.”<\/p>\n

#California #Democratic #Party #supports #billionaire #wealth #tax #proposal<\/p>\n","protected":false},"excerpt":{"rendered":"

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