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Capital & Main
Capital & Main
Mark Kreidler

‘Billionaires Shouldn’t Exist.’ Why California Unions Are Fighting for a Wealth Tax.

An activist holds a sign during a 2025 rally on Capitol Hill in Washington, D.C. Photo: Alex Wong/Getty Images.

California’s billionaires, individually and collectively, are spending wildly to try to defeat the state initiative that would tax their wealth. If you watch TV or use social media, you’ve likely already been inundated with scaremongering that forecasts rich person flight from the state and other miseries should the one-time tax pass.

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