00:00California voters are deciding whether to impose a one-time 5% tax on the wealth of residents
00:06worth more than $1 billion, potentially raising tens of billions of dollars.
00:11But there's a catch. A competing ballot measure, Proposition 42, would prohibit the state from
00:17taxing financial assets and other forms of wealth. If Proposition 42 receives more votes than the
00:23billionaire tax proposal, it could effectively kill the tax, even if the tax itself wins a majority.
00:29The fight has triggered a massive spending battle, with some of Silicon Valley's wealthiest figures
00:34pouring millions into efforts to defeat the proposal. The outcome could reshape California's
00:40tax policy and determine whether the nation's first billionaire wealth tax becomes reality.
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