State residents worth more than $1bn could face one-off, 5% tax to help fund education, food assistance and healthcare
A battle is brewing in California over a plan to tax billionaires – with tech titans divided over whether they should pay up, or flee the state.
Under a tax proposal that could be put to voters this November, any California resident worth more than $1bn would have to pay a one-off, 5% tax on their assets to help cover education, food assistance and healthcare programs in the state.
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