00:00It's Benzinga, bringing Wall Street to Main Street.
00:03California voters will decide on November 3rd whether to impose a one-time 5 percent
00:07tax on billionaires under Proposition 40, according to Reuters.
00:11The state is home to as many as 250 billionaires, worth more than $2 trillion.
00:17Supporters say the measure could raise $100 billion for health care, food assistance and
00:21education, while skeptics estimate closer to $40 billion and warn some billionaires could
00:27leave the state.
00:27Polling has shown support ranging from 48 percent to 52 percent.
00:32Google co-founder Sergey Brin has spent more than $100 million opposing the measure, while
00:37Governor Gavin Newsom also opposes it and supports a federal wealth tax instead.
00:42For all things money, visit Benzinga.com.
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