California Wealth Tax Initiative Hit by Labor Threat Allegations

A report by a law firm has found that Dave Regan, President of SEIU-UHW and supporter of the California wealth tax initiative, made threats against labor officials.

The development is part of an investigation into allegations of intimidation tactics linked to the union-backed measure aiming to tax billionaire wealth in California.

The report substantiated some claims while others could not be verified. As the initiative faces scrutiny, markets appear to interpret these findings as potentially detrimental to its success in the upcoming 2026 election.

The California wealth tax initiative seeks to impose a one-time tax on billionaires and is already a contentious issue.