Ex-Newsom Advisers Slam Billionaire Tax Plan: California Brief

Ex-Newsom Advisers Slam CA Billionaire Tax

Photographer: David Paul Morris/Bloomberg

Two former top advisers to Gov. Gavin Newsom warn in a Bloomberg Tax Insight that California’s proposed Billionaire Tax Act is a “reckless gamble” that would trigger legal chaos and an exodus of wealthy residents.

The proposed ballot measure would enact a one-time 5% tax on billionaires’ assets to fund health care following federal cuts in last year’s tax-and-spending package. But the authors argue the state response fundamentally breaks from California’s established income tax system by requiring valuation of complex, ...