Billionaire Supporters Offer Tax Concession if Newsom Agrees

Backers of California’s proposed billionaire tax initiative have challenged Governor Gavin Newsom to support a scaled-back version of the measure, proposing a reduction from 5% to 2%. The initiative, which aims to impose a one-time tax on residents with net worths exceeding $1 billion, was approved for the November ballot. Supporters argue the tax is necessary to offset federal healthcare funding cuts and prevent hospital closures, while opponents warn it could harm high-net-worth residents and businesses.

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