California Democrats Can’t Agree On How To Tax Billionaires

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, many of the state’s Democrats and unions are also against it. WSJ’s Laura Nelson 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. Ryan Knutson hosts.

Further Listening:

- The Rise of the World’s First Trillionaire

- Why Billionaires Are Giving Money to Kids

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