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California may tax wealth

California may tax wealth

California voters decide Tuesday whether to impose a one-time 5% tax on residents with net worth above $1 billion, with most revenue intended to offset federal healthcare funding cuts. The proposal has divided Democrats, as supporters cite healthcare needs and opponents warn wealthy residents could leave; two other ballot measures could block it even if it passes. A mid-October poll found 52% of likely voters opposed it and 46% supported it.

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