California considers Proposition 40 5% wealth tax for health care
California is considering Proposition 40, a 5% wealth tax on about 260 billionaires to boost public health care funding.
The idea has split Democrats: some see it as a step toward fairer health care, while others worry it could hurt the state's economy.
Gov. Gavin Newsom isn't a fan, calling the measure "badly written" and pushing for changes at the federal level instead.
Debate intensifies over California Prop. 40
Supporters say Prop. 40 would help pay for public health care. Critics warn it might drive wealthy residents out of California, shrinking tax revenue.
The debate is heating up: Rep. Ro Khanna says Newsom is siding with billionaires, and even unions are divided over the plan.
Tech billionaire Sergey Brin is backing efforts to defeat Prop. 40, adding more drama as support among voters slips ahead of November's big decision.