A Nobel Prize-winning economist explained why he's backing California's billionaire tax

Daron Acemoglu won a Nobel Prize in 2024 for his work on wealth disparities between nations. Adrian Irago/Europa Press via Getty Images Nobel-winning economist Daron Acemoglu explained on X why he's backing California's billionaire tax. He argued that the levy would reverse the effects of tax avoidance and could spur more tax reform. Billionaires, including Google cofounder Sergey Brin, have pledged huge sums to fight the planned tax. Nobel Prize-winning economist Daron Acemoglu took to X on Wednesday to explain why he had signed a letter backing California's billionaire tax . The letter, published Saturday and signed by six Nobel laureates, including Acemoglu, supports Proposition 40, which would impose a one-time 5% tax on California billionaires, with the majority of revenues directed to healthcare in the state.