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4 weeks ago

California voters to consider ballot measure to increase taxes on billionaires

California voters will decide in November whether to impose a one-time 5% tax on billionaires under a ballot measure supporters say could raise about $100 billion to help offset federal Medicaid funding cuts, despite opposition from Gov. Gavin Newsom and other state leaders.The proposal would apply to California residents whose net worth exceeded $1 billion as of Jan. 1, 2026. Under the initiative, roughly 90% of the revenue would be directed toward health care programs, with the remaining 10% earmarked for education and food assistance. Supporters of the measure, which they have branded the "...