Opponents of California Proposition 40 Billionaire Tax Release "40 Reasons" List Ahead of November 3 Vote
California Proposition 40 goes before voters on November 3. The measure would impose a one-time 5% tax on individuals and trusts with net worth above $1 billion; the state Legislative Analyst's Office estimates it could raise tens of billions of dollars over several years, with 90% dedicated to health care and 10% to food assistance or education.
The opposition campaign has released a list of "40 reasons" to vote no, arguing that a one-time tax relies on an unstable revenue source and could harm California's long-term finances, and citing opposition from medical groups including the California Medical Association and the California Children's Hospital Association. Governor Gavin Newsom also opposes the measure. Supporters say that with federal health care cuts, California needs new revenue to keep hospitals and emergency rooms open.
The fight over Proposition 40 has become one of the most closely watched direct-democracy contests in the country this year, with more than $100 million raised across both sides. Readers can check the full text and arguments in the official voter guide from the California Secretary of State.
Source: GSM News
Source: GSM · USA (original Chinese edition)
Photo: 图：加利福尼亚州议会大厦（萨克拉门托）。图片：CC BY-SA 4.0，经 Wikimedia Commons。 / The California State Capitol in Sacramento. CC BY-SA 4.0, via Wikimedia Commons.
