The California Democratic Party is supporting a proposed one-time wealth tax on billionaires of up to 5%.

Californians will decide whether to adopt the proposal during the 2026 midterm election.

The party’s executive board voted in favor of backing the proposal on Sunday, according to The Sacramento Bee.

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The San Francisco Standard reported that according to Jane Natoli, who sits on the party’s resolutions committee, an initial vote barely failed to clear the 60% bar required for ratification, earning 59.2% support. But another vote cleared the threshold…

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