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Billionaire tax makes it to ballot in California [View all]
California officials announced that a proposed ballot initiative imposing a one-time tax on residents worth more than $1 billion has qualified for the November 2026 ballot. The measure, backed by a healthcare workers' union, faces strong opposition from Gov. Gavin Newsom and several tech billionaires, who argue it could drive wealthy residents and investment out of the state. Supporters say the revenue is needed to fund healthcare, education, and food assistance programs.
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