Billionaires abound in California. Why not tax their wealth?

Ballot measure would slap 5% wealth tax on estimated 200 to 250 billionaires Economists debate how much it would add to state's tax revenues California known for its citizen initiatives, but only one in three pass By Daniel Trotta and Ann Saphir Sept 20 (Reuters) — No state may be a more natural fit for a tax on billionaires than California. The state leans left politically, needs funds for healthcare and is home to as many as 250 billionaires collectively worth upwards of $2 trillion. But the November 3 ballot initiative Proposition 40, which asks Californians whether to impose a one-time 5% tax on the state's billionaires, is far from certain to pass, political analysts say, amid a debate that has raised questions about income inequality and the state's future business prospects. Whether and how to tax the ultrawealthy are questions that extend well beyond the Hollywood Hills and Silicon Valley. New York City Mayor Zohran Mamdani, a Democrat and democratic socialist, filmed a video in front of billionaire investor Ken Griffin's penthouse as part of an ultimately successful campaign to tax high-end second homes in the city. Even a majority of Republicans see billionaires as creati