Newsom has long opposed state-level wealth taxes, believing such levies would be disadvantageous for the world's fourth-largest economy. At a time when California is strapped for cash and he is considering a 2028 presidential run, he is trying to block the proposal before it reaches the ballot.
Analysts say an exodus of billionaires could mean a loss of hundreds of millions of tax dollars for the nation's most populous state. But supporters say the funding is needed to offset federal cuts that could leave many Californians without vital services...
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