Are California voters about to impose ‘planet’s first’ tax on billionaires?

Meanwhile, businessman Tom Steyer, who ran an unsuccessful bid for California governor earlier this 12 months, is likely one of the few billionaires who has said, external he would vote in favour of the tax. Steyer mentioned that though he believed the way in which the measure was written was “problematic”, it was mandatory to guard weak Californians.

Huang, too, has expressed help of paying the levy.

“I do not thoughts paying taxes. The extra you make, the extra taxes you pay. I’m okay with that,” the Nvidia chief mentioned in an interview with the BBC’s US accomplice CBS. “I’m the last word American Dream.”

Senator Bernie Sanders of Vermont, a vocal champion towards revenue inequality, has campaigned in help of Prop 40.

While at a Los Angeles rally, Sanders mentioned billionaires “consider, just like the monarchs of the nineteenth Century, that they’ve a God-given proper to rule”.

“They have all of the wealth, they bought all the ability, and who the hell do you assume you might be difficult them? Well, I believe on November 3 they will study a really highly effective lesson.”