Source: New York Post
Gov. Gavin Newsom failed to broker a last-minute deal to keep California’s controversial billionaire tax off the November ballot, setting up what could become one of the nation’s most expensive and politically explosive ballot fights over taxing the ultra-wealthy to cover federal health care cuts. Newsom has vowed to stop the one-time 5% tax on residents whose net worth exceeds $1 billion, but the collapse of negotiations will the wealth tax backers at SEIU-United Healthcare Workers West will now require the governor to expend an incredible amount of political capital.
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