California Democratic Party backs billionaire tax despite internal opposition

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The California Democratic Party has endorsed a ballot measure to impose a one-time five-percent net worth tax on the state's billionaires. This measure faces opposition from some state Democrats, including the governor.

The California Democratic (CADEM) Party on Sunday announced that it backs a ballot measure to charge the state’s 200 billionaires with a one-time, five-percent tax on their net worth, a measure that has faced opposition from California Democrats, including the state’s governor. The state party’s executive board narrowly voted to back Proposition 40, known as…