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California Proposed Billionaire Tax Rate Reduction to 2% Rejected by Governor Newsom

A California union backing a proposed 5% billionaire tax offered to reduce the rate to 2% after the measure cleared a signature threshold, but Governor Newsom declined. Six billionaires had reportedly already left the state following the proposal.

πŸ’° Tax & banking Watch πŸ‡ΊπŸ‡Έ United States IMI Daily Jun 22, 2026
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