California billionaires tax initiative to gather signatures

(The Center Square) – The union backing a proposed tax on California's billionaires is gearing up to start gathering signatures in January to put the initiative on the ballot, a representative told The Center Square on Monday. “Even before we launched this initiative, we knew that having the wealthiest in our society step up to pay their fair share, to help the rest of the folks in California, we had a feeling it was going to be popular,” said Renée Saldaña, a spokesperson for Service Employees International Union-United Healthcare Workers West. “These frontline health care workers have been chomping at the bit to get out there and start gathering signatures.” The proposed tax, which would be collected in 2027, is a one-time 5% state income tax on all Californians whose wealth exceeds $1 billion, according to documents sent to state Attorney General Rob Bonta’s office in November. All types of personal property and wealth, including capital stock, bonds, artwork, collectibles and inves