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The net worth of California’s billionaires was estimated by Forbes magazine at $700bn in 2019 and $2.1tn at the end of last year, union boss Dave Regan points out.
His proposal would levy a one-time 5% tax on that wealth to replace federal healthcare funding stripped from the state by Donald Trump’s One Big Beautiful Bill.
But ballot is also shaping up as a test of the political power and organising muscle of Silicon Valley’s billionaires. Because, ooh boy, have they noticed.
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