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The likely defeat of the California billionaire tax may energize Democrats in Congress to propose federal tax hikes on high earners, according to tax experts.
Billionaire political spending met criticism from ... billionaires in the wake of Tuesday's blue wave election.
California could become the first US state to tax the net worth of billionaires Tuesday under a ballot measure that has divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history as the ultra-rich scramble to figure out whether they would pay the tax or flee. Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.
