California voters were weighing a governor’s contest alongside a proposed tax on billionaires, CBS News reported, putting a high-profile state election alongside a measure the outlet said could establish a first for the United States.
Xavier Becerra, the Democratic candidate, is competing against Republican Steve Hilton for governor. CBS described the tax proposal as one that would create the country’s first billionaire tax if approved.
In an Oct. 27 column for The Guardian, columnist Eduardo Porter reported that Becerra and Gov. Gavin Newsom oppose the measure because they are concerned wealthy residents might leave California. Porter said supporters see the proposal as a way to fund public services and improve fairness in the tax system. He also pointed to billionaire migration after past changes to state estate taxes.
The proposal’s potential revenue and public-service effects are examined in earlier EconoTimes coverage.
