Billionaire tax on November ballot

A one-time 5% tax on California billionaires' assets will be on the November ballot, aimed at offsetting federal healthcare funding cuts that threaten vital services. Despite opposition from political leaders, business interests, and concerns over budget stability, supporters, led by a labor union, argue the tax is necessary to aid vulnerable residents. The measure faces potential veto by competing 'poison pill' initiatives, and some wealthy individuals have already relocated out of California due to the proposal.

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