California Democratic Party backs billionaire tax despite internal opposition
The California Democratic (CADEM) Party on Sunday announced that it backs a ballot measure to charge the state’s 200 billionaires with a one-time, five-percent tax on their net worth, a measure that has faced opposition from California Democrats, including the state’s governor. The state party’s executive board narrowly voted to back Proposition 40, known as…
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The California Democratic (CADEM) Party on Sunday announced that it backs a ballot measure to charge the state’s 200 billionaires with a one-time, five-percent tax on their net worth, a measure that has faced opposition from California Democrats, including the state’s governor.
The state party’s executive board narrowly voted to back Proposition 40, known as the Billionaire Tax Act, Politico reported.
Maxine Waters (D-Calif.) attended the vote held in San Diego, helping the yes votes reach the finish line.
“Every endorsement we make is earned, not given,” CADEM Chair Rusty Hicks said in a statement. “California Democrats take a deliberative approach to our endorsement process that puts our values first and ensures our members have a meaningful voice in shaping the future of our state.”
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