California Billionaire Tax Faces Voter Test Amid Exodus WarningBillionaires Should Help Protect California’s Health CareCalifornia’s Billionaire Tax Risks Losing More Than It Raises
California voters are set to decide Proposition 40 on November 3, a proposed one-time tax on billionaires to fund health care and other services. Economists disagree over how much it could raise and whether departures will cost the state more in lost income taxes.California voters will decide on November 3 whether to tax billionaire wealth to support health care and other services. Supporters say the measure can raise substantial funds, while opponents warn of departures and lost revenue.California voters will decide on November 3 whether to impose a one-time wealth tax on billionaires. Economists warn that departures could shrink the tax base and erase the measure’s promised gains.