California voters to weigh billionaire tax
California voters will consider a proposal to temporarily impose a 5% tax on billionaires with a net worth over $1 billion, aiming to raise $100 billion primarily for Medicaid funding. Supported by the Service Employees International Union Healthcare Workers West, the measure faces opposition from Governor Gavin Newsom and various groups, who argue it could lead to wealthy individuals leaving the state and threaten essential public services. Despite plans to use the revenue over several years, many opponents believe it could make California’s financial stability worse and reduce its tax base.
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