Steve Hilton, a candidate in the California gubernatorial race, has voiced strong opposition to the proposed « billionaire tax, » which he calls an « asset-seizure tax. » This measure would impose a one-time 5% levy on residents with a net worth exceeding $1 billion, with a vote scheduled for November 2026. Governor Gavin Newsom also opposes the proposal. Predictive markets now price the likelihood of the tax passing at 27%, down one percentage point over the past 24 hours.
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