California’s billionaire tax faces defeat, but Democrats plan higher taxes on the wealthy
Summary
California's proposed wealth tax on billionaires appears headed for defeat. However, tax experts indicate that this outcome could motivate congressional Democrats to pursue federal tax increases targeting high-income earners instead.
The likely defeat of the California billionaire tax may energize Democrats in Congress to propose federal tax hikes on high earners, according to tax experts.
Source: Read the full story at US Top News and Analysis
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