One of America’s largest unions has made a public declaration regarding California’s hotly-debated billionaire wealth tax. Teamsters California and its 250,000 members have formally backed state legislation proposing a one-time 5% tax on the net worth of California residents worth more than $1 billion. "The fight to pass the California Billionaire Tax is a fight to protect workers’ ability to afford living in California; it's a fight Teamsters California will continue to lead," Teamsters California Co-Chairs Peter Finn and Victor Mineros said in a joint press release. "Roughly 200 California billionaires hold an astounding $2 trillion in wealth; each of the Billionaires could spend $500 million a year from their interest earnings alone and not touch a penny of their wealth," Finn and Mineros wrote. GET FOX BUSINESS ON THE GO BY CLICKING HERE"They're all dining and wining together and talking about this proposed tax.