California voters to decide world's first billionaire wealth tax
Proposition 40 seeks 5% levy on ultra-wealthy to fund healthcare, dividing state leaders and sparking an exodus of the rich
California voters head to the polls on Nov 3 to decide on Proposition 40, a ballot measure that would impose a one-time 5% wealth tax on the state's more than 200 billionaires to raise an estimated $100 billion for healthcare, backfilling federal funding cuts. The proposal has divided the state's leaders and sparked a flight of some of its wealthiest residents, with polls showing a tight race.