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Billionaire tax may fail
California’s “Proposition 40” initiative to impose a one-time tax on billionaires appears headed for defeat, with about 60% of the votes counted and opponents leading 55.6% to 44.4%. The proposal called for a one-time tax of 5% on the net worth of roughly 200 billionaires. Supporters estimated it would raise nearly $100 billion to fund healthcare. Opponents warned the tax could drive wealthy residents out of the state and reduce future revenue, while supporters saw it as a way to curb the widening wealth gap.
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