Strong Majority of Californians Support Millionaire's Tax
June 8, 2020
Our state is at a crossroads. Californians have taken to the streets, protesting the systemic racism that infiltrates every American institution; and the coronavirus crisis has exposed and exacerbated the gaping inequality that millions in our communities face every day. The people of the Golden State agree: we must act on a scale comparable to the threat.
New polling by Binder Research Associates for Build Affordable Faster CA (BAFCA) shows that 70% of California voters support a Millionaire’s Tax -- which would raise $6 billion annually -- to protect vital public and community services.
In the midst of unprecedented costs to our economy and public health, and drastic state revenue losses, homelessness will skyrocket, public education faces dramatic cuts, and Californians who have lost their income due to the pandemic will have no support from the state beyond limited rent relief.
The state’s $54.3 billion anticipated shortfall will have an outsized effect on people of color, who have been disproportionately hurt both economically and by the coronavirus itself.
79% of voters are concerned that all state programs and services will be cut in the next year because of reduced tax revenues, resulting in tens of thousands of firefighters, teachers, and other public service employees being laid off. And a near-unanimous 93% overall expressed strong concerns about the overall impact of the coronavirus epidemic on the California Economy.
“At a time when many Californians are working two or three jobs to feed their families, it is past time to raise taxes on the wealthiest among us,” said California State Assemblymember and Chair of the Assembly Appropriations Committee Lorena Gonzalez. “In order to reduce the outrageous level of inequality that exists in America today and to rebuild the disappearing middle class, we must support working families with a new tax on millionaires.”
"Before COVID-19, the California dream for millions was already being crushed by the crises of affordability, income inequality, and homelessness," said California Assemblymember David Chiu. "With the pandemic, recession and $54 billion deficit, we need to reform our broken tax system, particularly after Trump's regressive tax cuts, so every Californian has a shot at making it through these dark times."
“Racial injustice goes far beyond instances of violence,” said Carroll Fife, Director of Alliance of Californians for Community Empowerment Oakland. “Black families own less than 1/10th of the wealth of white families, more than half of Black workers earn less than $15/hour, they are more likely to be housing insecure, and Black families are much less likely to have comprehensive health insurance. If this state is committed to racial equality, it must invest in services that support the Black community.”