SEIU-UHW's California ballot initiative would impose 1-time 5% billionaire tax
A proposed California ballot initiative led by SEIU-UHW would impose a one-time 5% wealth tax on billionaires to raise up to $100 billion for schools and health care, but it's causing some serious buzz.
Big names like Larry Page and Mark Zuckerberg are reportedly considering moving out, and a new report says the state could lose up to $4.5 billion in yearly tax revenue if wealthy residents leave.
California debate over education healthcare funding
Supporters say the tax would help tackle inequality by targeting those worth over $1 billion, with funds going straight to education and health care.
But critics warn it might backfire: if billionaires take their money elsewhere, California could lose jobs, investment, and even more income.
Even Gov. Newsom isn't fully convinced, mentioning legal hurdles and enforcement headaches.
The debate is heating up over whether this plan will help or hurt the state in the long run.