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“Yet voters are rejecting Proposition 40, the billionaire wealth tax, while making permanent the income tax bracket that applies only to millionaires.”

“California billionaires outspent the ballot measure’s supporters 250-to-1 to sink the tax, which would have put a one-time 5% levy on individuals’ accumulated wealth to fund healthcare in the state.”

“For the past year, a faction of the AI industry bent on unfettered development looked poised to use its wealth to tip the 2026 midterms in its favor.”

“…lz, Tesla and SpaceX CEO Elon Musk has cast Texas as a foil to California — a state Musk famously decried as the “state of overregulation, overlitigation, and overtaxation,” and whose billionaire wealth tax on the ballot Tuesday has alienated business…”

“Khanna, a Silicon Valley congressman, is running to the left of Newsom on a wealth tax that will appear on the California ballot in November.”

“On Tuesday, voters in California will decide on a ballot measure that could place a one-time 5% wealth tax on billionaires in the state.”

“Krugman pointed out that wealth has been concentrating at the top of the U.S. economy for decades, so the growing wave against that concentration of wealth appears to be driven by those like Musk and Trump himself, who has flaunted his use of taxpayer money…”