After pushback, California labor union offers to scale back billionaire tax proposal

TL;DR

California Billionaire Tax Backers Float Lower Rate in Push for Deal The proposal from the Service Employees International Union Healthcare Workers West to impose a one-time, 5% tax on individuals whose net worth exceeds $1 billion faces staunch pushback from a wide swath of critics, including Democratic Gov. Gavin Newsom. The union said Thursday that it would abandon the 5% tax proposal if Newsom would join them in supporting a 2% levy.