donated $35 million to create<\/a>\u00a0Building a Better California last month, as part of a wave of backlash from rich elites against the union-backed tax proposal. The wealth tax has already sent billionaires away from California, including Brin, and is being opposed by Democratic Governor\u00a0Gavin Newsom.<\/p>\n
\n\tThe Building a Better California initiative also includes backing from crypto billionaire\u00a0Chris Larsen, venture capitalist\u00a0Mike Moritz\u00a0and\u00a0Stewart Resnick, co-owner of agricultural giant the Wonderful Company.<\/p>\n
\n\tThe group will also donate $1 million to another ballot measure that seeks to approve a $10 billion bond to support affordable housing in the state.<\/p>\n
\n\tThe SEIU-UHW labor union, which is sponsoring the proposed tax on billionaires, is holding a rally with Vermont Senator\u00a0Bernie Sanders\u00a0on Wednesday as it seeks to build support for the levy. The union plans to hold additional rallies across the state and unveil dozens of endorsements in the coming weeks.<\/p>\n
\n\t\u201cCalifornia voters won\u2019t be fooled by the antics of a few cynical billionaires,\u201d Suzanne Jimenez, chief of staff for the union, said in a statement. \u201cVoters understand that you can\u2019t build a better California when emergency rooms are closing their doors, veterans are losing their healthcare, children are being denied food assistance, and communities are losing their hospitals.\u201d<\/p>\n
\n\tAll of the ballot measures are still a long way from becoming law.<\/p>\n
\n\tFirst, supporters of the measures must collect hundreds of thousands of signatures by a June deadline to be placed on the November ballot. In California, groups have used proposed ballot measures as a bargaining tool. The threat of costly, uncertain campaigns can pressure both sides to negotiate a deal before the issue even goes to voters.<\/p>\n
\n\tBrin\u2019s group is backing the \u201cRetirement and Personal Savings Protection Act of 2026\u201d which would prohibit taxation on retirement holdings and prohibit the ability to apply retroactive taxes. The proposed billionaire tax would apply to any individual residing in the state as of January 1, 2026.<\/p>\n
\n\tAnother measure would prevent the creation of new taxes that, like the billionaire tax, don\u2019t meet public school funding requirements. A third measure would require a special pre-election audit of programs that would receive money from special taxes to cut down on waste.<\/p>\n
\n\tThis article was provided by Bloomberg News.<\/p>\n","protected":false},"excerpt":{"rendered":"
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