Majority of California Voters Support Measure Despite Millions Spent to Defeat Ballot Initiative, 75% Support Raising Taxes on Billionaires
SACRAMENTO, Calif. — The California Democratic Party’s executive committee and the California Young Democrats both voted to officially support the one-time wealth tax on the ballot this November, aligning the party with the majority of voters who support taxing residents with net worth exceeding $50 million.
The votes are a decisive rebuke of Gov. Gavin Newsom and the billionaire class, who are spending nearly $100 million to confuse and mislead voters at the ballot box. Seventy-five percent of California voters, and the overwhelming majority of Americans, support increasing taxes on billionaires.
In response to this growing momentum, Tax the Greedy Billionaires Campaign Director Igor Volsky issued the following statement:
“These votes are a clear rejection of politicians like Gavin Newsom working hand in hand with the billionaires to protect their power over our economy, our elections, and our future—enabling their greed at the expense of working people.
“Let’s be clear about what’s happening in our backyards: A handful of California billionaires have spent decades using their fortunes to buy influence, block policies that reduce their wealth or power, and ensure that the rules of our economy and democracy are written in their favor. Now, they’re doing everything they can to stop a wealth tax to limit that control.
“Here and around the country, the momentum to break up billionaires’ stranglehold over us all is undeniable. Politicians now have a choice: Will you stand with greedy billionaires making life harder and more expensive for your constituents, or will you fight to reclaim political and economic power for the people you actually serve?”
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