Vote to hold 5% one-time wealth tax on California billionaires
- 1Proposition 40 will put to a vote a proposal to impose a one-time 5% tax on the net worth of California billionaires on November 3.
- 2The 255 expected taxpayers among California residents who are billionaires as of January 1, 2026, must pay the tax in 2027.
- 3Estimated tax revenue under the California Billionaire Tax Act is approximately $100 billion.
So what's the key point?
A vote will be held on whether to temporarily collect more taxes from very wealthy people in California. Since there are about 255 people eligible, approximately $100 billion in tax revenue could be collected.
Source Yahoo Finance +1 · View original ↗
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