"Union-backed ballot measure is aimed at raising healthcare funding, faces oppositionfrom Gov. Newsom."
“It may get a lot more expensive to be a billionaire in California."
"It’s a huge amount of generated wealth that completely escapes taxation. So from both fairness and efficiency, I think this is a problem that we need to figure out.” Cristobal Young, sociology professor, comments on taxing unrealized capital gains in CA.
"A ballot initiative proposed by a healthcare workers’ union would take aim at the Golden State’s richest residents with a one-time, 5% tax on net worth over $1 billion. This would mean pursuing assets like stocks, artwork and intellectual property rights, rather than income."
"The proposal represents an unprecedented effort to tax modern wealth, but it is far from assured. Supporters need about 875,000 signatures, and their plan could face serious challenges as it advances. Taxing vast fortunes that exist largely on paper could also pose significant logistical challenges."
Read the full article in The Wall Street Journal.
