California voters reject billionaire wealth tax; advocates plan 2028 return

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California voters rejected Proposition 40, a measure that would have imposed a wealth tax on billionaires. Propositions 41 and 42 gained majority support in the same vote. Advocates say they intend to bring the wealth tax back before voters in 2028. Washington and Colorado are reportedly considering similar tax options for high earners. Federal tax increases aimed at wealthy individuals and corporations are also anticipated to fund middle-class programs.

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IndiaNDTV ·

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