California May Implement a Billionaire Tax Details on Tax Structure and Revenue Allocation

A proposed billionaire wealth tax in California aims to impose a one-time 5% tax on the state’s 255 billionaires, sparking debate over its potential economic impact. Advocates argue it could raise tens of billions for healthcare and education, while critics warn it may drive wealthy residents out of the state, harming revenue. The measure, initiated by the SEIU-UHW, requires approximately 875,000 signatures to appear on the ballot. If passed, it would take effect in 2027, with significant portions of the revenue earmarked for public services.

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