California Billionaire Tax Headed to November Ballot Despite Democratic Opposition

• •California will vote in November on a one-time 5% tax on billionaires after proponents let the withdrawal deadline pass without a deal.
• •Most prominent California Democrats oppose the measure, creating a visible split within the state's dominant party.
• •Wealthy opponents have introduced two separate ballot issues aimed at nullifying the tax even if voters approve it, per the New York Times.
• •The proposal's one-time nature significantly limits its fiscal scope compared to a recurring annual levy.
• •California's status as the nation's largest state economy gives the vote outsized symbolic weight in national debates over wealth taxation.

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