Proposition 40 would force Californians with a net worth of more than $1 billion to pay a one-time 5 percent tax on their assets. The money would mainly go toward healthcare.
For the latest Sacramento Report, Nadia Lathan asked San Diego’s legislative delegation if they support or oppose the measure. Most would not say, only state Sen. Catherine Blakespeare said she opposes it.
Competing pressures are at work. Democrats may generally support taxing extreme wealth, but some worry about the negative economic effects of a California-only wealth tax on businesses and tax revenue for the state. Others don’t want to alienate wealthy voters or donors or aren’t happy with the plan for spending the money collected…