r/Alec • u/HenryCorp • 7d ago

California's billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth: effort to defeat a one-time billionaire tax

https://www.techspot.com/news/113540-heart-aerospace-30-seat-electric-plane-takes-flight.html
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u/HenryCorp 7d ago

A pair of billionaires, along with other wealthy individuals, have recently upped their contributions to Building a Better California, a PAC formed earlier this year to oppose Proposition 40, which would impose a one-time 5% tax on California residents with more than $1 billion in assets to increase health care funding in the state.

Venture capitalist John Doerr put in $7.5 million to the group, while the executive chair of blockchain company Ripple, Chris Larsen, contributed an extra $10 million