California Billionaire Tax Becomes National Battleground

California's billionaire tax proposal is gaining momentum as labor leader Dave Regan promises to take the fight national. Regan, president of SEIU-UHW, says the push for a one-time 5% tax on the wealth of California's richest residents has become part of a broader effort to target money 'hoarded outside of the tax system.' The proposal, known as Proposition 40, would affect around 200 billionaires and funnel billions in revenue towards California's healthcare programs.

Regan dismissed warnings that California's wealthiest residents would flee the state. He cited data showing that less than 10 billionaires claimed to leave California after the proposal was announced. Billionaire Google co-founder Sergey Brin has contributed over $100 million to efforts opposing the tax, which could hit him with an estimated $13.3 billion bill.

Regan's national push comes as California's billionaire tax battle becomes increasingly contentious. The labor leader expressed interest in gaining support from Congresswoman Alexandria Ocasio-Cortez and stated that his team is ready to help her pursue a similar measure nationally.