Prop 40 would create a first-in-the-world tax on billionaires | CA Politics 360
California voters will decide this November on Proposition 40, a proposal to impose a one-time, 5% tax on billionaires living in the state.
The state proposal was designed to address federal cuts made to healthcare, education and food assistance. If passed, the tax would create two new state accounts: 90% of the funds would go toward healthcare, while 10% would support schools and food assistance. Supporters estimate the measure could raise $100 billion.
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Supporters of Proposition 40 argue that the measure is
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