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Billionaire Tax Could Backfire, Study Says | California News
Description
California’s Proposition 40 wants to slap billionaires with a 5% wealth tax to fund public services—but Stanford economist Joshua Rauh warns it’s a financial gamble. His research shows the tax could trigger lawsuits, drive ultra-rich residents and businesses out of state, and fail to deliver promised revenue. The fallout? Less investment, fewer jobs, and a drag on California’s economy. Voters face a tough choice: a well-meaning tax that might backfire—or a bold move that could reshape the state’s fiscal future.
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