California Weighs First Tax on Billionaires' Wealth
Proposition 40 would apply a one-time 5% tax on the wealth of Californians whose net worth is above $1 billion. Most of the money would be used to replace federal healthcare funding cuts. If it goes ahead, California could become the first State to tax billionaires' wealth.
Context
Context: A proposition is a measure that voters decide directly on a ballot, rather than through a lawmaker vote. Most US states do not tax wealth itself, which makes this a rare idea.
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