California Prop 40: 5% Billionaire Wealth Tax Heads to November Ballot Amid Rival Measures

California voters will decide on Proposition 40, a 5% annual wealth tax on billionaires, in November. The measure has split Democrats and drawn opposition from Silicon Valley, with two rival initiatives that could nullify it if passed. The outcome will test the political viability of wealth taxes in the U.S. and could set a precedent for other states.

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