Billionaire tax may harm its targets

The article discusses California’s political debate over a proposed wealth tax targeting billionaires. Supporters have secured enough signatures to place the measure on the November 2026 ballot, but opposition highlights concerns that the tax could decrease state revenue and harm competitiveness. California officials and experts warn the tax may undermine economic growth and advocate instead for policies that streamline business growth, promote private investment in housing, and modernize workforce development to address affordability issues effectively.

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