California Proposes First State Tax on Billionaires' Net Worth

California is considering a ballot measure, Proposition 40, to impose a one-time 5% tax on the net worth of billionaires exceeding $1 billion.

Proponents argue the tax will fund healthcare, while Governor Gavin Newsom warns it could cause the wealthy to leave the state.

The measure faces significant opposition funding from tech moguls, and some billionaires are already distancing themselves from California.