California’s proposed billionaire tax cleared a major political hurdle on Sunday after winning the endorsement of the California Democratic Party.
The endorsement provides fresh momentum to the initiative just months before voters decide the measure at the ballot box.
The proposal secured the 60 percent threshold required for the party’s endorsement during a meeting of hundreds of Democrat officials in San Diego.
The approval came despite fierce opposition from some of the state’s most prominent Democrats.
If endorsed by voters in November, the measure would impose a one-time 5 percent tax on Californians with a net worth of at least $1 billion, affecting roughly 200 of the state’s wealthiest residents.
The endorsement is a significant victory for supporters after months of infighting within the Democratic Party.
California Gov. Gavin Newsom and Democratic gubernatorial candidate Xavier Becerra have both publicly opposed the proposal, warning it could encourage wealthy taxpayers to leave the state.
The initiative was placed on the ballot by the Service Employees International Union United Healthcare Workers West (SEIU-UHW), which claims the tax will raise an estimated $100 billion.
The money will be primarily used to offset healthcare funding reductions enacted by the Trump administration.
“This endorsement puts to rest the idea that California Democrats are not united by the billionaire tax—they are,” said Dave Regan, president of SEIU-UHW.
The measure has drawn support from far-left Democrats, including Sen. Bernie Sanders and Rep. Ro Khanna, who argue California’s wealthiest residents should contribute more to fund healthcare programs.
Hellbound and Down 