Live updates: California’s gubernatorial candidates debate ahead of midterms
California gubernatorial candidates debated a proposed one-time wealth tax on billionaires, with candidate Xavier Becerra opposing the measure despite party support. Opponents argue the tax is unsustainable and could drive jobs out of the state, while proponents suggest it would fund essential public services.
Why it matters
The debate highlights the ongoing tension between progressive tax policies and economic competitiveness in California politics.
Link Copied! Becerra reiterates he will not support wealth tax, despite backing from many Democrats By Elise Hammond Xavier Becerra reiterated his position of not backing the one-time wealth tax on billionaires this November, even though a majority of California Democrats support it.
He said the proposal “is not the way to do tax policy,” before touting his experience enacting various tax cuts during his time in politics.
The measure, which will be Proposition 40 on the ballot, would levy a one-time 5% tax on residents with a net worth over $1 billion.
While Becerra said he agrees that billionaires in California are “not paying their fair share,” he said the wealth tax is not the right approach.
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