Nobel Prize-winning economists have endorsed California’s proposed billionaire tax targeting residents with a net worth of at least $1 billion, with a one-time 5% charge on their wealth. Known as California Proposition 40, the initiative aims to generate revenue for healthcare, education, and food assistance programs. Recent polling suggests majority support among likely voters ahead of the November 2026 election. The endorsement has boosted the measure’s credibility and impacted prediction markets, where the probability of the tax passing has slightly increased.
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