As voters across the United States cast ballots on November 3, Californians are weighing whether to approve a one-time 5% tax on the wealth of billionaires in the state. The tax would apply to roughly 250 Californians who now hold an estimated $2.3 trillion in wealth. Supporters say the wealth tax could raise up to $100 billion, with about 90% going toward healthcare. The remaining funds would support education and food assistance programs.
If Proposition 40 passes, it will mark the first time a government in the U.S. successfully taxes the wealth — rather than just the income — of the ultra-rich.
“It’s past time that billionaires pay their fair share,” says Lorena Gonzalez, president of the California Federation of Labor Unions, which is backing the initiative.
We also speak with California Congressmember Ro Khanna, who criticizes fellow Democrats like Governor Gavin Newsom for opposing Proposition 40. “We can either be a Democratic Party that stands for the working class in the tradition of the New Deal, or we can continue to cater to the donor class,” says Khanna.
This content originally appeared on Democracy Now! and was authored by Democracy Now!.