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Supporters say the tax would help tackle inequality by targeting those worth over $1 billion, with funds going straight to education and health care.
But critics warn it might backfire: if billionaires take their money elsewhere, California could lose jobs, investment, and even more income.
Even Gov. Newsom isn't fully convinced, mentioning legal hurdles and enforcement headaches.
The debate is heating up over whether this plan will help or hurt the state in the long run.