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The Great California Game of Chicken: The 2026 Billionaire Tax Act

Name: The Great California Game of Chicken: The 2026 Billionaire Tax Act
Uploaded: 2026-02-06T17:42
Channel: NBC Palm Springs
Description: The "2026 Billionaire Tax Act" proposes a one-time 5% wealth tax on California’s billionaires. While popular with some voters, Governor Newsom and critics warn of a "billionaire exodus" that is already underway, arguing that the state's record-high taxes and lack of fiscal accountability are driving away the very businesses and wealth needed to fund its struggling programs.

By: NBC Palm Springs

February 6, 2026

Billionaire Tax ActCalifornia TaxesGavin NewsomWealth TaxFiscal AccountabilityBillionaire ExodusNet Worth TaxState BudgetIncome TaxBusiness Climate

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