Californianswatching the gubernatorial debateTuesday night won’t just be deciding who to support for governor — but also whether they’ll vote against a tax on billionaires.
A political action committee backed by crypto billionaire Chris Larsen is debuting an ad during tonight’s debateattacking the proposed tax, Politico reported.
The Golden State Promise PAC said in an announcement that it will spend eight figures on the ad campaign, including digital ads and mailers. According to campaign finance records, Larsen has put $5 million of his money into the PAC, and so did his company Ripple, which facilitates crypto payments.
The voiceover ad highlights what it portrays as bipartisan unity against the tax from Gov. Gavin Newsom, Republicans, and Democrats. Newsomhas publicly promisedto fight the initiative.
“It will backfire and hurt you,” the ad claims. “Billionaires and businesses are already leaving, taking good-paying jobs with them.”
Already, many wealthy individuals have fled the state with the threat of the billionaire tax looming. The most prominent of them isGoogle co-founder Sergey Brin,who left for Nevada and is now pumping money to stop the tax.
The ad claims$25 billion in tax revenuewould be lost, gutting funding for schools and firefighters.
“It’s reckless, and it hurts you,” the ad concluded.
The tax proposal has yet to formally get on the ballot in November, butsupporters recently announcedthat they got enough signatures to qualify.
The tax — proposed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% levy on California residents with assets exceeding $1 billion. Supporters say the tax is needed to address healthcare funding gaps tied to cuts to Medicaid and other federal programs implemented last year.
Source: California Post – Breaking California News, Photos & Videos
