California Rejects One-Time 5% Tax on Billionaires' Net Worth

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California has turned down a proposal for a one-time tax of five percent on the total net worth of roughly 200 billionaires living in the state. The levy was intended to raise funds that would mainly go toward healthcare costs. The article reports the rejection but offers limited detail on the vote or the specific reasoning behind it. Supporters of the idea framed it as a way to share the burden of public health spending, while opponents were not detailed in the source text.

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