In November, California will hold a vote on Proposition 40, a proposed wealth tax targeting billionaires. If approved, the tax would levy a 5% charge on individuals with assets exceeding $1 billion. Supporters argue it could set a precedent for similar taxes in other states, while opponents, including Governor Gavin Newsom, warn it may drive wealthy individuals out of California. Current polling indicates that support for the measure is below 50%, and over $200 million has been raised for and against the initiative.
Key facts
- Proposition 40 proposes a 5% tax on billionaires in California.
- Support for the measure is currently at 45%, according to recent polling.
- Over $200 million has been raised for and against the proposition.
- Governor Gavin Newsom opposes the wealth tax, citing economic concerns.
- The tax would apply to individuals with assets over $1 billion.
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