California voters will decide whether to adopt Proposition 40, which would impose a new tax on billionaires' wealth. Correspondent Jo Ling Kent examines whether the measure would deliver the benefits its backers promise — and why some progressives oppose it.
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October 18, 2026 at 1:15 PM
California's Proposition 40: A tax on billionaires
CBS MoneyWatch
Excerpt from CBS MoneyWatch.