Newsom endorses California measure that would cancel billionaire tax proposal
Gov. Gavin Newsom has endorsed Proposition 42, a California ballot measure that would cancel out Proposition 40, the proposed one-time 5% tax on billionaires' wealth.
California Gov. Gavin Newsom, a Democrat, has endorsed Proposition 42, a ballot measure that would cancel out a proposed one-time tax on the state's billionaires, The Hill reports. The endorsement came on Friday, according to the outlet.
The tax is Proposition 40, known as the Billionaire Tax Act. NPR describes it as a proposal to charge billionaires 5% one time on their overall wealth. The Hill says Proposition 42 would prohibit retroactive taxes imposed by Proposition 40.
Under The Hill's account, Proposition 42 would take effect only if voters approve it. NPR reports that California voters are still forming their opinions on the billionaire tax.
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- NPRCalifornia voters consider one-time 5% tax for billionairesMon, Oct 12, 5:31 PM EDT
- The HillNewsom backs California ballot measure that cancels out billionaire tax proposalMon, Oct 12, 11:00 PM EDT
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