Wealth tax criticized by billionaires and Gavin Newsom would levy a one-time 5% tax on residents worth over $1bn
A controversial proposal in California to impose a wealth tax on billionaires has gained enough signatures to qualify for the ballot in November, state officials announced on Wednesday.
The news is set to intensify an already heated debate around the tax, which has pitted tech moguls and the state’s governor, Gavin Newsom, against the labor unions backing the measure.
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