In this year’s midterm election, voters in California will decide on a ballot initiative proposing a one-time, 5% tax on the net assets of California residents worth more than $1 billion. Most of California’s billionaires oppose the tax. But unexpectedly, <a href="https://www.wsj.com/politics/california-billionaire-tax-democratic-party-f4729c1d?mod=author_content_page_1_pos_6?mod=WSJ_TJPOD">many of the state’s Democrats and unions</a> are also against it. WSJ’s <a href="https://www.wsj.com/news/author/laura-j-nelson?mod=WSJ_TJPOD">Laura Nelson</a> reports on why support for the wealth tax has been so fractured when so many Democrats say they’re in favor of higher taxes on the ultrarich. <a href="https://www.wsj.com/news/author/ryan-knutson?mod=WSJ_TJPOD">Ryan Knutson </a>hosts.
Further Listening:
- <a href="https://open.spotify.com/episode/4mcrhev64XSCROB5Gk4eae">The Rise of the World’s First Trillionaire</a>
- <a href="https://open.spotify.com/episode/1iyLNoKCiNe7lGAv5VbKfF">Why Billionaires Are Giving Money to Kids </a>
Sign up for WSJ’s free <a href="https://www.wsj.com/newsletters/whats-news?mod=WSJ_TJPOD">What’s News newsletter</a>.
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California Democrats Can’t Agree On How To Tax Billionaires

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