“Californians vote on billionaire tax to replace federal cuts in healthcare funding”

Key points

• California could become first state to tax billionaires' net worth under Prop 40.
• The measure proposes a one-time 5% tax on households with over $1 billion.
• Revenue would largely replace federal funding cuts to healthcare, supporters say.
• The ballot fight is among the most expensive in state history.
• wealthy individuals must decide whether to stay or leave the state.