California voters ponder billionaire tax increase

California voters will decide in November on a measure to impose a one-time 5% tax on billionaires with net worths exceeding $1 billion, aimed at raising about $100 billion to address federal Medicaid funding cuts. The proposal directs most revenue to healthcare, with smaller portions for education and food assistance, but faces opposition from Governor Gavin Newsom and other leaders who warn it may encourage wealthy residents to leave and destabilize the tax base. Supporters argue it would help maintain healthcare services amid federal funding reductions.

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