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June 18, 2026

California Labor Union Proposes Scaling Back Billionaire Tax Amidst Opposition

  • The California labor union has proposed scaling back the billionaire tax from a one-time 5% to a 2% tax in light of opposition, seeking Governor Gavin Newsom's support.
  • The updated proposal would need to be passed by the Legislature to qualify for the November ballot by the June 25 deadline.
  • Opposition from tech billionaires and various organizations continues, arguing the tax could lead to a decline in state revenue by driving wealthy residents out of California.

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