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California Democrats Defy Newsom, Back Billionaire Tax
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That didn’t stop the state Democratic Party from narrowly endorsing it.
Those cuts helped fund an extension of the 2017 Trump tax cuts that predominantly benefit the wealthiest Americans.
After Sunday’s vote, Dave Regan, president of SEIU United Healthcare Workers West, released a statement saying the “endorsement puts to rest the idea that California Democrats are not united by the billionaire tax — they are.”
They include reversing the 2017 tax cuts, a minimum tax rate on anyone making more than $100 million and closing loopholes that allow the wealthy to borrow from unrealized capital gains without paying income tax.
A desire among some leaders to meet populist demands drove the contentious, dramatic push for the party endorsement.