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PROPOSED BILLIONAIRES' TAX IN CALIFORNIA RATTLES SILICON VALLEY, ENTANGLES NEWSOM

  • NEWS Desk Global
  • 3 hours ago
  • 1 min read

A proposed billionaires' tax in California has ignited a political uproar in Silicon Valley, with tech titans threatening to leave the state while Democratic Gov. Gavin Newsom maneuvers to defeat a levy that he fears will lead to an exodus of wealth.

A technology mecca, California has more billionaires than any other state — a few hundred, by some estimates. Nearly half its personal income tax revenue, a financial backbone in the nearly $350 billion budget, comes from the top 1% of earners.

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