Californians will decide this November whether to impose a historic one-time wealth tax on billionaires. If they are successful, proponents hope to launch similar efforts across the country to tax the wealth of the ultra-rich.

Passage of Proposition 40 would enact the first state-level wealth tax, which the ballot measure’s backers, including socialists, see as a trial for wealth taxes in other states and at the federal level. Some on the Left have long been pushing for wealth taxes on billionaires and are hoping that this California referendum could boost the broader movement.

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