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townhall.com > columnists > hankadler > 09/08/2026 > the-billionaire-tax-initiative-in-california-philanthropy-will-be-the-loser-n2682575

Philanthropy Will Be the Loser If California's Billionaire Tax Initiative Passes

4+ day, 23+ hour ago   (467+ words) California's proposed billionaire tax contains a remarkable rule. A billionaire who loses $1 billion at a casino can reduce his billionaire-tax liability by $50 million. A billionaire who instead gives that same $1 billion to the American Red Cross may receive no reduction…...