The California Billionaire Tax Act

The California Billionaires Tax is a controversial proposal to levy a one time 5 % tax on CA residents with a net worth of $1 Billion or more. The revenue would be devoted to making uo the cuts to Medicaid and health care, and (10%) to education and food assistance programs. Currently, billionaires ‘effective tax rate is considerably lower than average individuals (c. 24% vs. c. 30%). The tax codes give preference to capital gains, business equity and inherited wealth. This proposal seeks, in part to make that disparity part of the public debate. Erin Kelly is the Grassroots Engagement Manager for the Yes Campaign.

The tax is unusual because it is a tax on wealth, rather than income, and the tax would include payments related to unrealized gains. According to Forbes, this act would raise $100 billion from California’s 200 or more billionaires between 2027 and 2031 (assuming no taxpayer migration or successful legal challenges), and these funds would go to replenishing funding for California’s Medicaid and childhood education program.

Join us for an in-depth look at California Billionaire Tax Act by Grassroots Campaign Manager Erin Kelly.

Who's for it? Who's against it? Can it pass? Why aren't the candidates for governor endorsing it?

As always, bring a snack to share and a beverage of your choice.