California Democrats Endorse Billionaire Tax Amid Internal Divisions
The California Democratic Party has officially endorsed Proposition 40, a proposed billionaire tax, following a contentious vote at a party meeting in San Diego. The measure, which seeks to impose a one-time 5% tax on the assets of the state's approximately 200 billionaires, initially failed to secure the required 60% threshold but later gained enough support. Representative Maxine Waters played a pivotal role in rallying support for the tax, which has divided labor unions and party leaders. Proponents argue that the tax is necessary to address California's healthcare funding challenges, while opponents, including Governor Gavin Newsom, warn it could drive billionaires out of the state. 
