California Wealth Tax

California Democrats buck Newsom and Becerra with vote to endorse billionaire wealth tax

California's Democratic Party resolutions committee voted to recommend endorsing a one-time 5% tax on the state's roughly 200 billionaires, defying both outgoing Gov. Gavin Newsom and gubernatorial nominee Xavier Becerra, who oppose the measure.

The committee's Saturday vote puts Proposition 40, formally titled the California 2026 Billionaire Tax Act, one step closer to an official party endorsement ahead of the November 3 ballot.

But the recommendation is not final. Full endorsement requires at least 60% of delegates to approve it during Sunday's general session, where delegates could also vote to take no position, a move that needs only a simple majority, or pull the recommendation for a separate floor debate.

Either way, the committee's action exposes a sharp rift inside California's ruling party over how far Sacramento should go in taxing its wealthiest residents, and whether doing so would protect state programs or simply chase money across state lines.

Read about it...

I'm sure these bozos knew exactly how the Democratic Party would vote.