California is proposing a one-time 5% wealth tax on billionaires with assets exceeding one billion dollars, which will be voted on as Proposition 40 on November 3, 2026. A recent poll shows 48% of Californians support the measure, with 38% opposed and 14% undecided. Markets currently price the probability of passage at only 29.5%. The article highlights that some billionaires could relocate to states like Texas or Florida to avoid the tax.
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