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California's Landmark Vote on Taxing Billionaires
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California's Landmark Vote on Taxing Billionaires
In November, California will vote on a plan
to place a one-off five percent tax on all billionaires in the state.
Supporters say this measure could raise 100 billion dollars
for public healthcare, food aid, and schools.
This bold proposal comes as global wealth inequality reaches historic levels.
In the United States, the share of economic output going to workers
dropped to a record low of 52.9 percent.
Meanwhile, billionaire fortunes are booming,
with Forbes reporting a global record of 3,428 billionaires.
Because of this growing gap,
similar policies targeting the ultrawealthy are spreading worldwide.
For instance, New York proposed a two percent tax hike on top earners,
and British millionaires launched a campaign demanding higher wealth taxes.
But in California, tech billionaires are fighting back aggressively.
Google co-founder Sergey Brin has already spent 100 million dollars
on political donations to defeat the bill.
For now, more than 1.6 million residents signed the petition
to put the tax on the ballot.
This vote will serve as a crucial test of billionaire political power
and the global fight against inequality.
Quiz 🧠
Q1. California voters will decide whether to apply a new tax on all billionaires in the state.
Show answer
✅ True
'True' is correct because the article explains that California will vote on a proposal to place a five percent tax on billionaires. 'False' contradicts the main topic of the text.
Q2. What is the closest meaning of the word 'booming' as used in the article?
Show answer
✅ Growing rapidly
'Growing rapidly' is correct because 'booming' describes fortunes that are increasing very fast and reaching record levels. The other options describe decline, loss, or lack of change.
Q3. Why did Sergey Brin spend 100 million dollars on political donations?
Show answer
✅ To stop the new tax
'To stop the new tax' is correct because the text notes he spent money to defeat the billionaire tax bill. The other options represent goals of the tax supporters rather than his intention.
Dialogue 🎧
Michael: Did you see what California is voting on this November?
Sophia: The one-off five percent tax on all billionaires?
Sophia: It could raise one hundred billion dollars.
Michael: One hundred billion? That sounds crazy! For what, space rockets?
Sophia: No, silly. For public healthcare, food aid, and schools.
Michael: Wow, that would be huge for regular families who are struggling.
Sophia: Definitely. Wealth inequality is at historic levels now.
Sophia: Forbes even reported a record of 3,428 billionaires.
Michael: Meanwhile, the workers' share of the economy dropped to a record low of 52.9 percent.
Sophia: It is scary how wide that gap has become.
Michael: Is that why New York proposed a two percent tax hike on top earners?
Sophia: Yes! And even British millionaires launched a campaign demanding higher wealth taxes.
Michael: Wait, millionaires asking for taxes on themselves? That is rare!
Sophia: Very rare. But in California, tech billionaires are fighting back aggressively.
Michael: I saw that!
Michael: Google co-founder Sergey Brin spent one hundred million dollars to defeat the bill.
Sophia: Spending that much just to protect his fortune is tense. But voters are ready.
Michael: More than 1.6 million residents signed the petition to put it on the ballot.
Sophia: This vote will be a crucial test of billionaire political power.
Sophia: Let's see what happens.