Billionaire Tax Deal Falls Apart

California’s billionaire tax plan is in turmoil as union backers pivot from a 5% one-time levy on billionaires to a 2% version—contingent on Governor Newsom’s support and a legislative vote by June 25. The governor rejects the scaled-back proposal, warning it could harm schools, clinics, and public safety, despite agreeing the wealthy should pay more. Critics fear the tax could drive top earners out of state, costing California billions in income tax revenue. Meanwhile, lawmakers have moved forward with alternative revenue sources, leaving the billionaire tax off the new budget deal. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/8592c54b5e145dbc