Gavin Newsom has backed California Proposition 42, a ballot measure that would block the retroactive billionaire tax proposed under Proposition 40. The governor said it would stop the tax from being imposed if voters approve it.
01Summary
- 01California Gov. Gavin Newsom endorsed Proposition 42 on Friday.
- 02Proposition 42 would prohibit retroactive taxes imposed by Proposition 40.
- 03Proposition 40 is known as the Billionaire Tax Act and would impose a one-time tax on California billionaires.
- 04The source says Proposition 42 would cancel out the proposal if voters approve it.
02Why it matters
The vote could determine whether California billionaires face a one-time tax or whether that plan is blocked instead. It is also a sign of how state leaders are positioning themselves ahead of a ballot fight over taxation.
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