California's Billionaire Tax Could 'Kickstart a Movement' Globally, Nobel Laureates Assert

Summary

Six Nobel Prize-winning economists endorse California's Proposition 40, a ballot initiative proposing a 5% one-time wealth tax on billionaires, predicting it could spark a global movement for similar taxes. The measure, which aims to address wealth inequality and potentially raise $100 billion, faces mixed support from state leaders and is narrowly divided among voters ahead of the November election.