California’s proposed billionaire tax: what you need to know

Plan to levy 5% tax on California billionaires championed by progressives – but state’s super rich are forcefully opposed

Full story: California billionaire tax heads to ballot

The proposed billionaire tax in California is officially heading to voters’ ballots in November. After getting more than double the necessary signatures to qualify, the secretary of state certified the ballot measure late on Thursday.

The confirmation came after backroom dealing didn’t pan out between California’s governor, Gavin Newsom, who opposes the proposal, and the labor union backing it.
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