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California Gov. Gavin Newsom speaks during his State of the State address Thursday, Jan. 8, 2026, in Sacramento, Calif.
Godofredo A. Vásquez
/
AP
A large health care union is attempting to place a proposal before voters in November that would impose a one-time 5% tax on the assets of billionaires. Democratic Gov. Gavin Newsom is trying to block the measure.
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