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California Wealth Tax - A Disaster for the State

Kiplinger says California’s proposed 2026 Billionaire Tax Act would impose a one-time 5% tax on residents worth over $1 billion. Supporters argue it would capture wealth that often escapes income taxation and help fund services without raising taxes on middle- and lower-income families. Opponents warn it could drive wealthy taxpayers out of California, reduce future tax revenue, force asset sales, disrupt markets, and create major legal and valuation disputes over private businesses, art, venture funds, and intellectual property. Vote NO on November 3rd.