A proposed 5% tax on billionaires in California will be included on the ballot for the upcoming November election. The measure received more than double the required signatures for certification, which was confirmed by the secretary of state on Thursday. This development follows unsuccessful negotiations between California Governor Gavin Newsom, who opposes the tax, and the labor union that supports it.
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California's proposed billionaire tax to appear on November ballot
California's proposed billionaire tax, which aims to impose a 5% tax on the state's billionaires, has qualified for the November ballot after surpassing the necessary signature threshold. The certification was confirmed by the secretary of state, following failed negotiations between Governor Gavin Newsom and labor union representatives.
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California’s proposed billionaire tax: what you need to know
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California's proposed billionaire tax to appear on November ballot