Source: New York Post
California Democrats moved a step closer Saturday to officially backing a controversial billionaire wealth tax — despite opposition from Gavin Newsom and Xavier Becerra. The California Democratic Party’s resolutions committee voted to recommend support for Proposition 40, a November ballot measure that would impose a one-time 5% tax on roughly 200 California billionaires. Supporters argue the measure would generate an estimated $100 billion to help offset federal healthcare funding cuts, but critics warn it could drive wealthy residents and investment out of the state.
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