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flag California proposes a one-time 5% tax on billionaires; federal bill aims for annual 5% wealth tax to raise $4.4 trillion.

flag A proposed 2026 California billionaire tax would impose a one-time 5% levy on residents with $1 billion or more in net worth as of December 31, 2026, requiring nearly 875,000 signatures to qualify for the ballot. flag Meanwhile, Sen. Bernie Sanders and Rep. Ro Khanna introduced federal legislation proposing a 5% annual wealth tax on billionaires, projected to raise $4.4 trillion over ten years to fund direct payments, expanded Medicare, teacher pay raises, and affordable housing. flag The measures face legal and political hurdles, with critics warning of economic risks and tax avoidance, while supporters frame them as responses to extreme wealth concentration.

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