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More than half of likely California voters support a proposed wealth tax on billionaires despite multiple reports and research questioning the benefits andpotential harm to the state’s economy.
A survey by the Public Policy Institute of California said 54% of likely voters agree with the tax, which would would impose a one-time 5% levy on California residents with assets exceeding $1 billion. Labor unions, who helped initiate the proposal, said theyhave enough signaturesto qualify for the November ballot.
The survey was conducted from May 14 to 18 on 986 likely voters.
Democrats were much more likely to vote yes on the tax at 76%. Republicans were largely opposed with 82% against the measure, according to the institute. Independents were more balanced, with 53% of them in favor.
When the survey looked at voters’ income, those making making less than $100,000 decisively were in favor of the tax, but higher-income voters were more split. Just 52% of such voters said they would vote ‘yes.’
While renters favored the tax 71% to 27%, home-owning Californians saw a nearly 50-50 split in their stances on the issue.
Support was stronger in urban areas like Los Angeles than in the Central Valley, where 56% of likely voters said they would vote ‘no.’
Business groups and other opponents, including Gov. Gavin Newsom (D), have warned the state’s economy would be devastated by such a tax withCEOs fleeing the statealongside potential jobs. More than 108,000 jobs could be lost if the tax goes into effect,one analysis concluded, and $28 billion worth of wages would also be lost in California.
Unions insist the tax is needed to help California grapple with federal funding cuts and changes to the state’s health care and other systems.
Source: California Post – Breaking California News, Photos & Videos
