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In California, Prop. 40 asks voters to impose a wealth tax on billionaires to pay for healthcare programs and two other propositions would block the tax. Opponents say it would chase billionaires out of the state, costing the state money in the long run.
Jae C. Hong
/
AP
Billionaires spent $378 million to defeat Prop. 40, exposing a rift among California Democrats on taxing the rich.
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