California Dems Buck Newsom With Vote To Endorse Billionaire Wealth Tax

They project the levy would raise an estimated $100 billion from California’s

tiny cohort of billionaires.

Outside endorsements have come from Sen. Bernie Sanders, Rep. Ro Khanna, AFSCME California, and the Teamsters California.

The California State Council of Laborers opposes the measure.

The California Police Chiefs Association has also come out against it.

Even SEIU California’s statewide executive board—the broader arm of the same union driving the campaign—recently voted to stay neutral.

California already maintains the nation’s highest top marginal income tax rate.

Google co-founder Sergey Brin, ranked as the world’s fourth-richest person with an estimated net worth of around $267 billion, has now poured more than $100 million into efforts to defeat California’s proposed Billionaire Tax.

The latest contribution of $20 million went to Build a Better California, a group actively opposing the measure that could force him to hand over an estimated $13.3 billion in a one-time hit.