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California billionaire tax plan advances
A California labor union has offered to reduce its proposed billionaire tax from 5% to 2% if Governor Gavin Newsom supports it, aiming to generate $100 billion primarily for healthcare, food assistance, and education. The original measure faces opposition from some political leaders and industry groups, with critics warning it could lead to the wealthy leaving the state, reducing future tax revenue. The proposal has already secured enough signatures to appear on the November ballot, but legislative approval is now required.
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