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Tax on billionaires qualifies for November ballot — 5 things to know about the measure
Arcadia council places Han in vacant D3 seat as ex-Mayor Wang awaits sentencing By Joe Taglieri
By Kristen Hwang, CalMatters
joet@civicnewsgroup.com
This story was originally published by CalMatters.
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union wants Calif ornia’s billionaires to rescue the state’s healthcare system. The billionaires have other ideas. On June 17, an initiative to tax the state’s wealthiest residents qualified for the ballot, according to the secretary of state’s office, which verifies petition signatures. Gov. Gavin Newsom, who has consistently swatted down the idea of tax increases throughout his tenure, emerged early as an opponent of the proposed tax. Wealthy allies in Silicon Valley joined the fray armed with deep pockets and threats to leave the state, which depends disproportionately on high earners for revenue. The union funding the measure, Service Employees International UnionUnited Healthcare Workers West, says California needs the revenue that would be generated by the measure to rescue the healthcare system from deep cuts that the Trump administration made last year in the president’s tax reform package, known as the “One Big Beautiful Bill Act.” Newsom is reportedly trying to negotiate a lastminute deal that would pull the initiative before the ballot is finalized on June 25. What would it do? The proposed initiative would levy a one-time 5% tax on California residents whose net worth exceeded $1 billion at the start of this year. The tax would hit roughly 200 people, and billionaires could pay in installments over five years. Proponents of the measure estimate it would generate $100 billion for the state. The revenue would go into a special fund with
The Los Angeles kickoff of the California Billionaire Tax initiative in February. | Photo courtesy of SEIU-United Healthcare Workers West/Facebook
90% reserved for healthcare spending and 10% for education and food assistance programs. The Legislature would control the funds and could allocate up to $25 billion annually to designated programs including Medi-Cal and CalFresh. It needs a simple majority to pass. Who is supporting it? The state’s largest healthcare workers union is bankrolling the measure, pouring more than $31 million into the campaign. “We are facing literally a collapse of our healthcare system here in California and elsewhere,” Dave Regan, president of SEIU-UHW, said in October when the campaign launched. The union, which is known for wielding ballot measures aggressively, argues that federal healthcare cuts will result in hospital and clinic closures, worsened patient access
and thousands of lost jobs if the state doesn’t step in to backfill tens of billions of federal dollars. The group also points out that the Trump tax breaks for income, businesses and investments disproportionately benefit the wealthy people who would then be subject to the proposed billionaire tax. “Whether or not folks support this, they can’t deny that these massive cuts to healthcare are coming,” said union spokesperson Renée Saldaña. “Nobody else has a solution to fill this massive $100 billion funding gap that is facing California.” Saldaña noted that people signing the initiative petition were supportive and sometimes wanted the tax to be continuous rather than one-time. “This is popular. The See Billionaire tax Page 04
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public is feeling the strain of their own healthcare costs,” she said. The measure has won high-profile support from Vermont Sen. Bernie Sanders and former Secretary of Labor Robert Reich. A handful of local unions as well as the Teamsters and AFSCME California have also backed the measure. Who is opposed to it? Newsom is an unsurprising and vocal critic of the proposal. He has long argued that increased taxes would drive wealthy people and businesses out of the state. In a recent appearance on Real Time with Bill Maher, Newsom claimed that “we’ve already seen dozens and dozens of people leave the state.” Google co-founder Sergey Brin, with a net worth of $300 billion, according to Forbes,
he Arcadia City Council on Tuesday appointed John Han to fill the District 3 seat that has been vacant since the resignation of Mayor Eileen Wang last month, when she agreed to plead guilty to covertly acting as an agent of the People’s Republic of China. Council members used a point system Tuesday to select an appointee — three points for each member’s first choice for the appointment, two for their second choice and one point for their third-favorite of the five remaining applicants from an initial field of 11. Han, a self-employed investment manager who has lived in Arcadia with his family for more than 10 years, received nine points. Lisa Walton, a 47-year resident and Bank of America sales vice president, received six points. Cynthia Ng Monje, a 20-year resident and retired senior executive administrator at Jet Propulsion Laboratory, received two points; Beth Szymkowski, a three-year resident who is self-employed and an Alhambra Unified School District educator, screenwriter and rental property owner, received three points; and Paul Van Fleet, with 27-plus years residency and senior claims adjuster for State Fund, received two points. After his confirmation, Han was sworn into office and took the empty seat on the dais. “I am honored and grateful for the opportunity to serve Arcadia during this pivotal time,” Han said in a statement. “I am committed to upholding the high
See Arcadia council Page 24
standards that have long defined Arcadia by working closely with my fellow City Council colleagues and the City’s dedicated employees. I chose Arcadia for its exceptional quality of life and outstanding public services, and I look forward to building upon that strong foundation by listening and prioritizing the voices in our community.” Following Han’s swearing-in, he participated in his first meeting and the council’s 4-1 vote to approve the city’s upcoming budget totaling $96.6 million in revenues and $100.1 million in expenditures of $100.1 million, according to a city staff report. “After accounting for all Transfers In and Out, the General Fund is expected to end the Fiscal Year with a positive net balance of $276,000,” the report stated. Han also voted for a proposed 30-unit multifamily development project at 514 Fairview Ave. between Huntington Drive and Duarte Road, and authorizing increases to fees residents will pay the city for trash and recycling collections. Detailed information on the rate hikes is available from the city’s website. Han will serve the remainder of Wang’s term, which was up for election in November. Wang resigned May 11 after agreeing to plead guilty to participating in an intelligence operation that published pro-PRC propaganda from a U.S.-based news website targeting the local Chinese community at the direction of PRC military officials, according to federal