California's Proposition 40: What voters need to know about billionaire wealth tax battle
California's billionaire wealth tax, Proposition 40, looks like a close call based on recent polls. Here is what to know before Election Day on Nov. 3.
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California's billionaire wealth tax, Proposition 40, looks like a close call based on recent polls. Here is what to know before Election Day on Nov. 3.
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Multiple mansions have been engulfed in the fires raging in California while firefighters continue to douse the blaze.
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In our 'In Context' section we review how Californians are going to vote a tax on big fortunes on November 3. This is Proposition 40, which offers a 5% single tax on the assets of the state's billionaires. The proposal seeks to address the budget cuts of Republican Donald Trump. Magnates and Silicon Valley leaders, such as Sergey Brin, co-founder of Google, have embarked on a crusade to stop that gravamen.