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Explained: California’s billionaire tax, what Prop 40 means?

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Gulf News
“Explained: California’s billionaire tax, what Prop 40 means?”

Dubai: California is still counting votes on Proposition 40, a one-time 5 per cent tax on billionaires’ wealth. With about 49 per cent votes counted as of 09:45 UAE time on November 4, the odds-were in favour of a ‘no’ which means that the proposition is likely to face a tough fight to go through. What is California's Prop 40? Prop 40 is a ballot initiative put before California voters on Nov 3, when they go in to vote for the mid-term elections. If the proposition passes, the state would levy…

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