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California could impose a billionaire tax. Here's how it would work and where the money would go.
A proposed billionaire wealth tax in California is sparking debate over whether the measure, if passed, would lead to more harm than good if ultrawealthy residents in the state flee to other locales.
Under the proposed ballot initiative, California would institute a one-time tax of 5% on the state's estimated 255 billionaires. While wealth taxes aren't new, the proposal has sparked pushback from some of America's richest citizens and their allies, who claim it could drive the state's billionaires to leave the state and discourage entrepreneurs from creating businesses.
By contrast, advocates of the tax emphasize that billionaires' fortunes are growing much faster than the income of ordinary Americans.
Billionaire tax proposal sparks soul-searching for Californians
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The fiery debate about a proposed ballot measure to tax California’s billionaires has sparked some soul-searching across the state.
While the idea of a one-time tax on more than 200 people has a long way to go before getting onto the ballot and would need to be passed by voters in November, the tempest around it captures the zeitgeist of angst and anger at the core of California. Silicon Valley is minting new millionaires while millions of the state’s residents face the loss of healthcare coverage and struggle with inflation.
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