Politics
Newsom backs California ballot measure that cancels out billionaire tax proposal
The Hill·October 13, 2026·1 min read
California Gov. Gavin Newsom endorsed Proposition 42 on Friday, a ballot measure that would prohibit retroactive taxes imposed by Proposition 40, the Billionaire Tax Act, which would impose a one-time tax on the state's billionaires. If voters approve Proposition 42, it would cancel out the billionaire tax proposal.
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