Are California voters about to impose world's first 'tax on billionaires'?
California voters are considering Proposition 40, a proposed 5% tax on the net worth of billionaires to fund healthcare and address the state's wealth gap. The measure has sparked debate over economic policy and the potential flight of ultra-wealthy residents.
Why it matters
This represents a significant test case for wealth taxation policies in the United States, with potential implications for state budgets and economic migration.
Image source, Reuters By Sareen Habeshian Reporting from Los Angeles Published 49 minutes ago Few places on the planet have as many ultra-wealthy residents as California, a US state known for glamour, coastal mega-mansions and being home to many rich and famous.
Now voters are about to decide if the mega-rich among them - names that include media mogul Oprah Winfrey, Meta head Mark Zuckerberg, Skims cofounder and reality television star Kim Kardashian and filmmaker George Lucas - should hand over billions of dollars to pay for improvements to healthcare.
Proposition 40 is aimed at levying a one-time 5% tax on the net worth of all of California's billionaires.
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