Billionaire tax divides California Democrats, draws myriad questions

The unprecedented measure has enormous potential nationwide. The clash exposes the party’s corporate-progressive divide Midway through this summer, a high-quality poll found that Democrats in California were overwhelmingly in favor of the upcoming ballot measure for a one-time 5% tax on billionaire…

By voting “yes” on proposition 40, Californians would support a one-time 5 percent tax on billionaires’ wealth.

California voters this midterm cycle will decide whether the state will impose a wealth tax on billionaire residents, as wealthy Californians organize against the measure and experts say its potential broader impact on the state’s economy is nuanced.

The sad reality is that without windfall tech profits, the state — whose overall economy is mediocre at best — faces a looming budget crisis.