A new poll indicates the majority of Californians aren’t coalescing behind a ballot measure that would impose a wealth tax on the state’s billionaires, signaling an uphill battle for the initiative.
Proposition 40 aims to place a one-time 5% tax on billionaires. The measure aims to raise roughly $100 billion over five years and is intended to subsidize health insurance and food stamps, among other state-funded programs.
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