The California Democratic Party has officially endorsed a proposed tax on billionaires that will appear on the November ballot. The move puts the party's weight behind a measure aimed at the state's wealthiest residents.
The party's decision
Delegates at the party's convention voted to back the tax, which targets individuals with net worths exceeding $1 billion. The endorsement signals broad support among Democrats for the measure, though details of the tax rate and how revenue would be spent were not released by the party.
California already has the highest top marginal income tax rate in the country. The billionaire tax would add a new layer on top of that, applying only to the ultra-wealthy. Proponents argue the state needs the money for programs like education and homelessness, but the party's statement did not specify exact uses.
Path to the ballot
The measure still needs to qualify for the November election. Organizers must collect enough valid signatures from registered voters by a deadline set by state election officials. If it qualifies, it will join other propositions on what is expected to be a crowded ballot.
Opponents have already raised concerns about legal challenges and the potential for billionaires to leave the state. But the endorsement gives the tax a powerful political boost heading into the campaign season.
California voters will have the final say in November. The outcome could set a precedent for other states considering similar wealth taxes.
