California may become the first state to tax billionaires' wealth
California voters will decide on a ballot measure to tax billionaires' net worth on Tuesday. The measure targets those with net worth over $1 billion and would impose a 5 percent tax. A mid-October poll shows 52 percent of likely voters oppose it. The union says the state could lose $100 billion in federal healthcare funding over five years.
- Proposition 40 proposes a one-time 5 percent tax on Californians with net worth exceeding $1 billion.
- Democratic Gov. Gavin Newsom warned the proposal would prompt the state’s wealthiest to move out of California.
- A mid-October poll showed 52 percent of likely voters would vote no on the measure.
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