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Economy

A “Tax the Ultra-Rich Now” bus parked outside the Curran Theater before the start of a "Ballots Over Billionaires" rally in San Francisco on Oct. 3, 2026.
Manuel Orbegozo for CalMatters
Some of the state’s wealthiest residents have spent hundreds of millions to defeat Prop. 40, the “billionaire tax.” Supporters say billionaires should pay their “fair share” and help fund social services.
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