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A push to impose a wealth tax in California has set off a direct confrontation between the state's progressive electorate and the Silicon Valley billionaires working to defeat it.
A wealth tax is a levy on the total value of everything someone owns, distinct from income taxes that apply only to what flows in each year. That difference is what the whole argument turns on.
The effort is framed as an attempt to tackle inequality in America's most progressive state.
Supporters argue that the proposal is necessary because inequality in California has grown beyond what income taxes alone can address.
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