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Billionaire Tax Heads to Ballot
Description
California’s billionaire tax proposal is heating up — a one-time 5% levy on net worth over a billion dollars could net $100 billion to fund Medicaid, food aid, and education. Backed by SEIU Healthcare Workers West and Senator Bernie Sanders, it’s already qualified for the November ballot. But Governor Newsom and powerful groups warn it could drive top earners out, hurting state revenue. Tech giants like Sergey Brin are pouring millions into opposition campaigns. Meanwhile, the state legislature passed its budget without including the tax, exploring alternatives like extending healthcare provider taxes instead.
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