business / news / / New York Post
The California Business Roundtable, which represents major employers in California, claimed in a memo that the proposed tax could be later tweaked to go after non-billionaires.
The billionaire tax proposal allows future amendments by a two-thirds legislative vote if consistent with its purpose.
KEY POINTS
- Opponents warn the amendment clause could enable lawmakers to lower the tax threshold or remove exemptions.
- Supporters argue amendments cannot alter the act's fundamental purpose: a one-time, billionaire-only tax.
- The measure requires all taxpayers to file declarations of non-billionaire status, auditing by the state Franchise Tax Board.
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