Newsom opposes wealth levy

California’s Democratic Socialists of America backed Proposition 40, a proposed one-time 5% tax on the assets of the state’s billionaires, with most revenue intended for healthcare. Election results showed the measure headed for defeat, while Gov. Gavin Newsom opposed it, warning it could put California at a competitive disadvantage. Economist Richard Stern also argued the tax could prompt wealth and businesses to leave the state.

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