WSJ.com : U.S. News

Proposed California Billionaire Tax Clears Key Hurdle on Way to Ballot

8 hours agoCenter

The development sets up a showdown between the healthcare workers’ union pushing the levy and the political, business and labor leaders fighting it.

Read Full Story at Source

Compare Perspectives

Found 8 stories

G7 Summit Highlights Global Economic System "Captured" by Billionaires: Oxfam

Democracy Now!

2 hours ago

G7 Summit Highlights Global Economic System "Captured" by Billionaires: Oxfam

World leaders are returning home from the annual G7 summit, having failed to address issues such as income inequality, climate change and territorial conflict, while entertaining the wealthy executives of the artificial intelligence and fossil fuel industries. Oxfam International Executive Director Amitabh Behar calls the G7 “a club of the super-rich super-elites” and slams the summit’s focus on business, and business as usual, at the expense of humanitarian efforts and improving the lives of “the common people.”

Far Left

Read →

Ron DeSantis issues dire warning on California billionaire tax

New York Post

4 hours ago

Ron DeSantis issues dire warning on California billionaire tax

California’s controversial billionaire tax measure has secured enough signatures and qualified to appear on the November ballot.

Right

Read →

California 'billionaire tax' proposal will likely appear on November ballot — even Newsom opposes

Blaze Media

4 hours ago

California 'billionaire tax' proposal will likely appear on November ballot — even Newsom opposes

A California proposal that would implement a one-time tax on the state’s wealthiest residents has qualified to appear on the ballot in November, according to Secretary of State Shirley Weber.The so-called billionaire tax exceeded the required signature threshold Wednesday and is expected to be certified by Weber on June 25. The health care union behind the proposal, Service Employees International Union-United Healthcare Workers West, still has the option to withdraw the proposal before the confirmation deadline.‘I’ll do what I have to do to protect the state.’If enacted, the proposal would impose a tax of up to 5% on the net worth of California billionaires, with the full rate applying to those worth more than $1.1 billion, retroactive to anyone with primary residency in the state as of Jan. 1, 2026. Certain exemptions exist, including directly held real estate and qualifying retirement accounts.The proposal also requires that 90% of the collected revenue be spent on health care, with the remaining 10% divided between education and food assistance spending. The estimated revenue that would be raised is $100 billion. Supporters of the tax claim the money would assist in covering budget shortfalls caused by federal funding cuts in the One Big Beautiful Bill Act, Trump’s signature budget legislation that was passed last year. The proposal’s website says it would prevent the closure of hospital emergency rooms and nursing homes across the state. Rep. Ro Khanna (D-Calif.) and Sen. Bernie Sanders (I-Vt.) have been avid supporters of the tax, believing it will reduce wealth inequality, and Nvidia CEO Jensen Huang said he is “perfectly fine” with paying the tax. The Tax Foundation estimates that Huang would potentially owe $8.5 billion to the state. RELATED: Gavin Newsom cries political witch hunt — but are feds focused on an alleged $1.5M nonprofit pipeline to wife's business? Patrick T. Fallon/AFP/Getty ImagesHowever, many notable Democratic officials and organizations have come out in opposition to the tax. Governor Gavin Newsom told the New York Times, “This will be defeated,” adding, “I’ll do what I have to do to protect the state.” Even the California Teachers Association and Planned Parenthood Affiliates of California are not supporting the proposal. Critics argue that the tax will further repel job creation and investment, worsening the exodus of wealthy residents and corporations from the state.Google co-founders Larry Page and Sergey Brin have already moved portions of their assets and business structures out of California, and Palantir co-founder Peter Thiel reportedly has been considering leaving the state as a result of the tax proposal.Come November, the proposal would require only a simple majority to pass, if certified next week.Like Blaze News? Bypass the censors, sign up for our newsletters, and get stories like this direct to your inbox. Sign up here!

Right

Read →

Lawmakers scramble after Trump derails bid to revive key counterterrorism tool days after FBI thwarts UFC plot

Latest Political News on Fox News

8 hours ago

Lawmakers scramble after Trump derails bid to revive key counterterrorism tool days after FBI thwarts UFC plot

Lawmakers say FISA 702 renewal is back to square one after Trump's eleventh-hour decision blew up the Senate process days after a foiled terror plot.

Right

Read →

Massachusetts Court Strikes Down Tax Cut Ballot Measure

Bloomberg Politics

8 hours ago

Massachusetts Court Strikes Down Tax Cut Ballot Measure

The Massachusetts Supreme Judicial Court struck down a ballot proposal for a state income-tax cut that was backed by certain business groups.

Center

Read →

Televised Supreme Court Sessions Backed by Key Senate Panel

Bloomberg Politics

8 hours ago

Televised Supreme Court Sessions Backed by Key Senate Panel

The Senate Judiciary Committee approved legislation Thursday to televise Supreme Court proceedings, a step long resisted by the high court’s justices but sought by open government advocates.

Center

Read →

Key cabinet member now in a dangerous spot after Trump's international humiliation: MS NOW

Raw Story

8 hours ago

Key cabinet member now in a dangerous spot after Trump's international humiliation: MS NOW

While Donald Trump is being excoriated by Republicans over his Iran deal, which one GOP lawmaker called “… a tremendous foreign policy blunder,” MS NOW’s Bill Rohde stated on Thursday morning that Defense Secretary Pete Hegseth can expect that his role in advising the president to launch the war has put his job at risk.Discussing the blowback Trump is facing over the war that, for the moment, has ended in a stalemate, Rohde claimed that Hegseth is already a prime target instead since he is already on the outs with a substantial number of Republican lawmakers.“At some point. President Trump is the person most responsible for this strategic defeat and failure,” Rohde told the "Morning Joe” co-hosts. “But I would argue the person second most responsible, who is in the most dangerous position politically, is Defense Secretary Pete Hegseth. He repeatedly lied to the American public in his press conferences about the progress of the war, and he also refused to give basic information to members of Congress. There's a lot of ill will among senators and House members towards Pete Hegseth.”Quoting Hegseth asserting “The aftermath of this is going to be in our interest,” Rohde asked, “Did he warn the president about the Strait of Hormuz before this war? Was he honest with the American public? And to the 50,000 Americans who risked their lives in the 13 soldiers who died? You know, his performance is just something that has to be looked at.”Co-host Willie Geist added, “We haven't seen the defense secretary in public much since those podium-banging news briefings that he would give every week, where he would lecture the media about how to cover the war, what was actually happening, and from all the reporting that he would show the president of the United States an iPad with things blowing up to show that they were doing well. It turns out this is a much, much more complicated problem than can be solved by blowing things up.” - YouTube youtu.be

Far Left

Read →

Iranian state media brags about key concessions it claimed to secure from US in MOU

Washington Examiner

9 hours ago

Iranian state media brags about key concessions it claimed to secure from US in MOU

The Islamic Revolutionary Guard Corps-affiliated Fars News boasted that Tehran secured favorable language changes to the draft Memorandum of Understanding with the United States before it went public. The MOU has been the subject of an intense public relations battle from the U.S. and Iran, as both seek to sell the deal to domestic critics. […]

Center Right

Read →