00:00It's Benzinga, bringing Wall Street to Main Street.
00:02California billionaires opposing a proposed wealth tax are funding competing ballot measures
00:07and driving up signature collection costs as campaigns race to qualify for the November
00:12ballot, according to the Wall Street Journal.
00:14A group called Building a Better California raised nearly $80 million since January,
00:20including $45 million from Sergey Brin.
00:23It directed more than $33 million to countermeasures targeting the tax proposal.
00:27Three campaigns are paying $15 per valid signature, the highest rate this year, forcing the billionaire
00:34tax campaign to raise its own payments from about $5 to $12.
00:38The proposed tax would impose a one-time 5% levy on wealth above $1 billion and aims to
00:44raise about $100 billion to offset federal Medicaid cuts.
00:48For all things money, visit Benzinga.com.
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