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California voters will decide in November on a proposed one-time tax of 5 percent on the total assets of approximately 250 billionaires residing in the state. The proposal has garnered support from labor unions and some lawmakers but faces opposition from moderate Democrats and some billionaires. Experts have raised concerns about the effectiveness of a one-time tax in addressing ongoing wealth inequality.
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California voters will decide in November on a proposed one-time tax of 5 percent on the total assets of approximately 250 billionaires residing in the state. The proposal has garnered support from labor unions and some lawmakers but faces opposition from moderate Democrats and some billionaires. Experts have raised concerns about the effectiveness of a one-time tax in addressing ongoing wealth inequality.
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California’s audacious plan to tax its billionaires
California Proposes One-Time Tax on Billionaires