California Weighs 5 Percent Wealth Tax on Billionaires
Californians are voting on Proposition 40 to impose a one-time five percent tax on billionaires to fund healthcare and education. While polls show early support, opponents warn it could drive wealthy residents out of the state.
Xurve View
Insights:
Xurve View
California is home to 250 billionaires collectively worth $2T, but Proposition 40 faces an uncertain November 3 ballot vote. The one-time 5% tax targets ultrawealthy residents to fund healthcare across the state. This ballot measure tests voter appetite for taxing wealth in the heartland of tech giants like ALPHABET INC-CL A.
