California Dems back Prop 40 billionaire tax

California's Democratic Party has endorsed Proposition 40, a proposed one-time 5% tax on billionaires' assets to fund healthcare and restore safety-net programs. The measure, supported by some progressives, aims to raise $100 billion over five years but faces opposition from Gov. Newsom, major unions, and tech leaders who warn it may harm the state’s budget and cause billionaires to leave. Polls indicate slim majority support among voters, with significant backing from Democrats.

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