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Fox News
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California Dems Support Wealth Tax for 2026 Ballot
The California Democratic Party is supporting a proposed one-time wealth tax of up to 5% on billionaires, which will be voted on in the 2026 midterm election. Despite support from some members, key figures like Gov. Gavin Newsom oppose the measure, citing concerns about its allocation of revenue. The proposal reflects ongoing debates over taxing the wealthy in California.
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