California referendum proposes 5% billionaire wealth tax, vote on Nov 2

California voters are deciding on a ballot measure that would impose a 5% annual tax on net worth exceeding $1 billion, including shares. The initiative, backed by the SEIU-UHW union, follows federal healthcare cuts and mirrors the Zucman wealth tax proposal. If passed, it would mark a significant state-level tax policy shift with potential national implications.

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