STATE — A ferocious political battle is ongoing over the Billionaire Tax Act ballot proposal.
The initiative was filed with the California Attorney General’s Office in November by the powerful Service Employees International Union-United Healthcare Workers West (SEIU-UHW). The initiative seeks to amend the state constitution to levy a 5% excise tax over five years on residents and trusts worth $1 billion or more.
Supporters say the measure would raise up to $100 billion to offset federal healthcare cuts, while critics warn it could drive billionaires, and their companies, out of California
Billionaires could pay in full or pay in installments, with an additional annual charge of 7.5% applied to unpaid balances, according to the measure. The Legislative Analyst’s Office (LAO) estimated a potential $100 billion in tax revenue….
