California Democrats Push Punitive Billionaire Tax for 2026 Ballot Despite Internal Division
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The California Democratic Party’s executive board has backed a controversial one-time tax of up to 5% on billionaires, exposing deep rifts among party leaders and raising concerns about economic freedom.
The California Democratic Party’s executive board has voted to support a proposed one-time wealth tax of up to 5% on billionaires, a measure set to appear on the 2026 midterm ballot. The initial vote failed to reach the 60% threshold for ratification, receiving only 59.2% support, but a subsequent vote narrowly passed with about 61.7% in favor, according to the San Francisco Standard. The slim margins underscore the party’s internal conflict over radical tax policies that threaten economic growth and individual success. U.S. Representative Ro Khanna, a Democrat from California known for his far-left positions, has endorsed the measure, while Governor Gavin Newsom, who is term-limited, has wisely stated his opposition. This proposal exemplifies the Democratic Party’s increasing embrace of class warfare and punitive taxation, risking California’s economic competitiveness and sending a chilling message to entrepreneurs and investors.