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Los Angeles Times
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Source: Los Angeles Times
1 DayLos Angeles Times
Source: Los Angeles Times
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California’s Proposition 40, which would impose a one-time 5% tax on billionaires’ assets mainly to fund healthcare, appeared headed for defeat, with about 56% of counted votes against it and 44% in favor; roughly 6 million votes remained uncounted. Opponents outspent supporters by more than $380 million to about $100 million, while the proposal also faced concerns about billionaires leaving the state and taxing assets rather than income. Proposition 42, which could block the tax, was on track to pass.
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