Billionaire Tax Plan Draws Fire From California Top Democrats

“To Porter, who’s known for progressive stances on consumer protections and health care, forcing California billionaires to pay a one-time 5% tax ‘could end up hurting our ability to fund other key priorities like education and food assistance and make it harder to sustainably fund California‘s needs.’”  

“[I]t could end up costing the state hundreds of millions per year in long-term revenue”  

“Tom Steyer, also a billionaire, said he supports a national wealth tax but warned of ‘unintended consequences’ on the California measure…”