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California billionaire tax headed for ballot despite top Democrats’ opposition
The Washington Post • • general
Key Points:
- A proposal to impose a 5 percent tax on California's billionaires, aimed at raising tens of billions for health care, is set to appear on the November ballot.
- Despite potential health care funding benefits, many state liberals express concern about the long-term economic impact of the tax.
- The measure faces mounting opposition from top Democrats, advocacy groups, and Silicon Valley leaders, who are preparing significant financial efforts to defeat it.
- Governor Gavin Newsom publicly stated that the tax measure would harm California's economy.
