Californians vote on billionaire tax to replace federal cuts in healthcare funding
Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.
California could become the first US state to tax the net worth of billionaires Tuesday under a ballot measure that has divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history as the ultra-rich scramble to figure out whether they would pay the tax or flee.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
Advertisement
Every article behind this summary — 1 article from 1 outlet
Get stories like this in your inbox.
Subscribe — it's freeOne free email at 6am — your topics, deduplicated, five minutes. No account, no paywall.