California voters consider proposition to tax billionaires' wealth
PBS NewsHour · Kim Chandler; David Fischer; Associated Press ·
Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.
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SACRAMENTO, Calif. (AP) — California could become the first state in the nation to tax the net worth of billionaires Tuesday under a ballot measure that has divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history as the ultra-rich scramble to figure out whether they would pay the tax or flee.
Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.
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