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“Dinging California’s billionaires with a wealth tax feels pretty good to almost everyone.”

“The extraordinary battle turned California into a national testing ground for a wealth tax long championed by progressives across the U.S. and its success could potentially see a rollout elsewhere.”

“… protesters in New York last year But such is the ferocious backlash against the ultra-wealthy, especially those in tech, from Americans struggling to pay basic bills, that Californians are now on the verge of pushing through the world's first tax on…”

“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.”

“…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…”

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

“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.”

“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.”