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California voters defeat billionaire tax proposal that divided Democrats

πŸŽ™οΈ NPR πŸ• November 9, 2026 at 7:05 PM
πŸ“ Source based in: World β€Ί Northern Hemisphere β€Ί North America β€Ί United States
🏷️ Topics: #Politics & Government
California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state.

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.

(Image credit: Jae C. Hong)

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