Billionaire tax backers offer to cut proposed levy against California’s wealthiest — but Gavin Newsom isn’t on board

Source: New York Post

Gov. Gavin Newsom is refusing to back down after organizers behind California’s controversial billionaire tax initiative on Thursday publicly challenged him to support a scaled-back version of the proposal — arguing a one-time levy on the state’s wealthiest residents is needed to prevent what they called a looming healthcare crisis. In an open letter, the Billionaire Tax Now Coalition — sponsored by labor union Service Employees International Union-United Healthcare Workers West — offered to reduce the proposed tax from 5% to 2% if Newsom agrees to support the legislation as a temporary solution to offset looming federal healthcare cuts.