Two proposals to tax wealthy people in California are in the signature-gathering phase as supporters try to get in on a ballot.
One would apply to the city of LA with a proposed increase in business taxes for businesses with at least 100 employees and executives who earn over 50-times the median pay of its workers.
A statewide proposal dubbed the “billionaire tax” proposes a onetime 5% tax on assets from 2025.
Supporters of the Los Angeles proposal rallied at the Tesla Diner in the city.
State Senator Tony Strickland spoke about the statewide proposal and shared why he’s opposed to the “billionaire tax.”
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