politics
A consultant who once railed against ‘the billionaire boys club’ is now leading opposition to California’s wealth tax
The consultant who once warned that California’s richest poured millions into politics because they had something to gain is now helping billionaires fight a tax on their fortunes.
TL;DR
- Ned Wigglesworth, previously a critic of wealthy individuals' political spending, is now leading the opposition to California's Proposition 40, a wealth tax.
- Building a Better California, the group Wigglesworth strategizes for, is funded by billionaires like Sergey Brin, John Doerr, and Chris Larsen.
- Wigglesworth's past statements in 2005 and 2007 emphasized that wealthy donors give to politics because they "get" something in return.
- Proposition 40 would impose a one-time 5% tax on Californians worth at least $1 billion, potentially generating around $100 billion, with funds earmarked for healthcare.
- Some billionaires, like Sergey Brin, have relocated out of California, potentially to avoid the tax, while others, like Governor Gavin Newsom, oppose it due to concerns about driving away high-earning residents.
- The state's wealthiest individuals already contribute a significant portion of California's personal income tax revenue.