Union knows who’d really pay for California wealth – Latest News
There are cracks within the basis of labor help for the California “billionaire tax” headed for the Nov. 3 poll.
Good.
In a nod to actuality, the president of the State Building and Construction Trades Council says billionaires produce sports activities arenas and different giant tasks that put tradesmen to work.
“[W]hat we believe would happen is these individuals would leave California and would take these investments to other states — losing the jobs for our members,” Chris Hannon mentioned.
Bingo.
There are cracks within the basis of labor help for the California “billionaire tax” headed for the Nov. 3 poll. AP
“[W]hat we believe would happen is these individuals would leave California and would take these investments to other states — losing the jobs for our members,” Chris Hannon mentioned. Christopher Sadowski
And the exodus/job loss dynamic wouldn’t solely hit construction; it might batter industries statewide, from technology and leisure to philanthropy, retail and more.
The injury from the tax –– which might slap a onetime 5% levy on any state resident whose web value exceeds $1 billion, retroactive to Jan. 1 –– is already right here.
Billionaires with mixed fortunes exceeding $500 billion have fled the state, due to the wealth-tax scheme.
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And they’ve taken about 30% of the state’s mixture billionaire wealth with them, per analysis from Stanford University’s Hoover Institution.
That hardly bodes properly for a state that’s disproportionately reliant on wealthy taxpayers and faces multibillion-dollar funds shortfalls as it’s.
Wealth flight, job losses and deeper state deficits are simply the beginning, and for what?
That hardly bodes properly for a state that’s disproportionately reliant on wealthy taxpayers and faces multibillion-dollar funds shortfalls as it’s. AP
For greed.
The wealth tax is a self-serving money grab by the SEIU United Healthcare Workers West, one of the numerous unions that every one however run Sacramento.
SEIU-UHW’s mulish president, Dave Regan, seems to care nothing for the bigger fallout in California, so long as he can pad his union’s pockets at public expense.
(Regan collected whole compensation of about $400,000 in 2023, per ProPublica’s Nonprofit Explorer, a nonpartisan database based mostly on public IRS filings.)
The union says that proceeds from the billionaire tax would offset decrease federal spending on state-federal health packages resembling Medi-Cal.
But really, the “cuts” enacted by Congress and the president replicate common-sense coverage, together with work necessities, modest premiums for entry to medical care, and eligibility checks for these enrolled in a program meant to serve the poor.
The union says that proceeds from the billionaire tax would offset decrease federal spending on state-federal health packages resembling Medi-Cal. AP
No matter; that also means much less money may movement to the voracious union that represents 120,000 health care staff in California.
Of course, if the wealth-tax ploy works, what occurs to the remaining of us?
We pay.
Once the initial onetime levy on billionaires is collected and spent on raises and perks for union members, what then? Pressure on different taxpayers to stop dire “cuts,” of course.
After the precedent of taxing personal web value is set, what’s to stop the state from increasing that tax to millionaires, and, over time, on down the chain to the center class?
There’s additionally this: Once billions in income tax receipts are gone, due to the wealth tax, who will likely be left to cowl holes and keep the state’s normal fund afloat? Oh, that’s proper, the remaining of us.
So it’s good to see cracks in labor’s help for this farce.
It’s crucial that voters perceive the stakes, and reject the wealth tax in November.
Because make no mistake: If the billionaire tax passes, the whole state will pay.
