Top Democrats join the wealthiest in fighting a California tax increase on billionaires
SACRAMENTO, Calif. -- It is not just tech moguls and venture capitalists fighting a California proposal to tax the net worth of billionaires, even though they are putting up the majority of the money in one of the most expensive ballot fights in state history.
Lining up alongside them is a coalition of prominent Democratic voices and party allies like Gov. Gavin Newsom , Planned Parenthood and the California Teachers Association, as well as most Republicans. They say it will drive wealthy people — and their tax money — out of California, creating bigger budget problems in the years ahead.
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