California Weighs First State Tax on Billionaire Wealth
California is considering Proposition 40, a proposed one-off 5% tax on the net worth of billionaires. The measure faces strong pushback from wealthy opponents, who have large resources to defeat it. If passed, it could make California the first state to tax billionaires' wealth.
Context
Context: California is the most populous US state and home to many billionaires, so its tax choices are closely watched. The proposal fits a wider debate in the US over whether the wealthiest should pay more tax.
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