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Are California voters about to impose world's first tax on billionaires?

BBC News·3 days ago
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Image source, Reuters

By Sareen Habeshian

Reporting from Los Angeles

Few places on the planet have as many ultra-wealthy residents as California, a US state known for glamour, coastal mega-mansions and being home to many rich and famous.

Now voters are about to decide if the mega-rich among them - names that include media mogul Oprah Winfrey, Meta head Mark Zuckerberg, Skims cofounder and reality television star Kim Kardashian and filmmaker George Lucas - should hand over billions of dollars to pay for improvements to healthcare.

Proposition 40 is aimed at levying a one-time 5% tax on the net worth of all of California's billionaires.

There are a little more than 200 such individuals in the state - but that hasn't stopped the measure from dividing leaders and causing some of its ultra-wealthy residents to flee.…

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