California Democratic Party narrowly backs 5% tax on billionaires

The California Democratic Party announced Sunday that it supports a ballot measure to impose a one-time, 5% tax on the net worth of the state’s 200 billionaires, the party said.

The state party’s executive board narrowly voted to back Proposition 40, the party said.

The measure has faced opposition from some California Democrats, including the state’s governor, the party said.

The announcement did not include further details, the party said.

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