California’s billionaire tax faces a precarious road from rich opposition
Tech billionaires have raised more than $300m to oppose the billionaire tax proposal.
San Francisco, United States – University of California at Berkeley economics professor Brian Galle recently found a flyer in his mailbox about the proposed billionaire tax he helped write. But as he read it, Galle found things he hadn’t written, including that the tax can be on anyone and even on their retirement savings.
Californians have been getting such flyers and watching similar ads as they prepare to vote in the November 3 election on whether to impose the one-time tax of 5 percent on the assets of the state’s billionaires.
Spending by the billionaires to oppose the tax has made this the most expensive ballot measure ever and among the most expensive campaigns of this midterm, says David McCuan, professor of political science at Sonoma State University, who tracks state and local elections.
Apart from the ad buys, Craig says she has also felt alone in the campaign arena. While the state Democratic party has endorsed the tax proposal, Craig says she hasn’t had ground support from the party. “We don’t have resources like social media, door knocking, phone banking and I would place the blame at the feet of the Democratic party.”