World
California votes for a tax on big fortunes: millionaire escape?
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.