Union Proposes Compromise on California Billionaire Tax

Wall Street Journal: “The architects of California’s proposed billionaire tax said Thursday that they are open to withdrawing the ballot measure if Gov. Gavin Newsom supports a smaller wealth tax.”

“In an open letter to the governor, the Service Employees International Union-United Healthcare Workers West said it would pull its proposed one-time, 5% tax from the November ballot if Newsom champions a 2% tax on billionaires’ net worth instead. The union framed the offer as a compromise aimed at temporarily staving off steep cuts to state healthcare services due to federal funding changes signed into law by President Trump last year.”