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California Democratic Party supports billionaire wealth tax proposal
Fox Business • • nation
Key Points:
- The California Democratic Party's executive board voted to support a proposed one-time wealth tax of up to 5% on billionaires, which will be decided by voters in the 2026 midterm election.
- Initial party votes on the proposal were closely divided, with a first vote narrowly missing the 60% approval threshold before a subsequent vote passed with about 61.7% support.
- The issue has revealed divisions within the Democratic Party, with U.S. Rep. Ro Khanna endorsing the tax while Governor Gavin Newsom has stated he will oppose it.
- The proposal aims to address wealth inequality, but some wealthy Californians are reportedly giving away money to avoid the potential tax.
