How the Architect of California’s Billionaire Tax Became Tech’s Villain
Dave Regan has embraced a divisive, inexpensive political strategy that has now put the Silicon Valley elite in the crosshairs.
Around the time he filed the billionaire tax proposal that has shaken up the tech world and ignited a debate about wealth taxes nationwide, Dave Regan, president of the California-based union behind the effort, convened a group of fellow labor leaders to solicit their thoughts.
In a videoconference, he told the group he had a 30-day period to finalize the measure, which would assess a one-time, 5% tax on the assets of every billionaire in the state to backfill $100 billion in healthcare funding slashed by the Trump administration.
It didn’t get an entirely warm reception, according to a prominent labor leader who attended the meeting. At least behind the scenes, some of the other unions wanted the SEIU-United Healthcare Workers West to scrap the measure, the leader said, saying they worried it would complicate other efforts to tax wealth and balance the budget in the state. Other political insiders, including another union head, said at least one of the big unions representing teachers was frustrated because the proposal included relatively little funding for education, which the Trump administration’s budget cuts will also impact. It is unclear whether those messages were delivered to Regan.
The union did add funding for food assistance in response to feedback, a spokesman said. But the measure has left a divided coalition in its wake.