California Voters to Decide on Billionaire Tax in Midterm Elections

California voters will decide on a 5% tax on billionaires' wealth during the November 3, 2023 midterm elections.

The proposed tax, known as Proposition 28, would apply to individuals with assets exceeding $1 billion. The revenue generated from this tax would be allocated to education and healthcare programs in the state.

Supporters of the tax argue that it would help address income inequality and fund essential public services. They point to the significant wealth disparity in California, where a small number of billionaires hold a substantial portion of the state's wealth.

Opponents, however, argue that the tax could drive wealthy individuals and businesses out of the state, potentially leading to job losses and economic downturns.

This tax proposal is inspired by the Zucman tax, a wealth tax proposed by economist Gabriel Zucman. The Zucman tax aims to reduce wealth inequality by imposing a progressive tax on the wealthiest individuals.