A Wealth Tax on Billionaires? California Voters to Decide Prop 40

As voters across the United States cast ballots on November 3, Californians are weighing whether to approve a one-time 5% tax on the wealth of billionaires in the state. The tax would apply to roughly 250 Californians who now hold an estimated $2.3 trillion in wealth. Supporters say the wealth tax could raise up to $100 billion, with about 90% going…