California’s Billionaire Tax on the Ballot | Raleigh News

California’s poised to become the first state to impose a billionaire tax, levying 5% on net worth over $1 billion — including stocks, art, and IP — with funds earmarked for healthcare and food aid. While other states like Washington and Maine are also cracking down on high earners, California’s move signals a growing trend of state-level wealth taxation. But with billionaires already fleeing ahead of the vote, fears mount of lost revenue and economic fallout — forcing ultra-wealthy residents to navigate complex domicile rules and rethink where they truly call home. Listen in comfort:Get a discount on a Soli Pillow: http://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/2aa55c957e95ac55