California votes on 5% wealth tax targeting billionaires

California voters will decide in a referendum whether to impose a one-time 5% tax on the total net wealth above 2 billion dollars of the state's billionaires, including Mark Zuckerberg, Oprah Winfrey, and Kim Kardashian. The initiative, called Proposition 40, aims to raise 100 billion dollars to cover federal cuts to healthcare. Experts call the vote historic – it would be the world's first wealth tax targeting only billionaires. Some wealthy residents have already left the state over the proposal.

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