California Democratic Party backs billionaire tax despite internal opposition
Summary
The California Democratic Party has decided to support Proposition 40, a ballot measure that would impose a one-time 5% tax on the wealth of the state's 200 billionaires. This decision comes despite some disagreement within the party, including opposition from California’s governor.Key Facts
- The California Democratic Party endorsed Proposition 40 on Sunday.
- Proposition 40 proposes a one-time 5% tax on the net worth of 200 billionaires in California.
- The party’s executive board voted narrowly to support this tax measure.
- Some California Democrats, including the governor, oppose this tax proposal.
- The tax targets very wealthy individuals, specifically billionaires, in the state.
- The measure will appear on an upcoming ballot for voters to decide.
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