Billionaire Tax Plan Draws Fire From California Top Democrats

A proposed tax on California’s wealthiest residents is drawing opposition from a growing group of top state Democrats, including a US representative for Silicon Valley and Katie Porter, the former congresswoman now running for governor.

To Porter, who’s known for progressive stances on consumer protections and health care, forcing California billionaires to pay a one-time 5% tax “could end up hurting our ability to fund other key priorities like education and food assistance and make it harder to sustainably fund California‘s needs,” she said in a statement.

Housing in San Jose, California.

Photographer: David Paul Morris/Bloomberg

Sam Liccardo, who represents some of the country’s wealthiest communities ...