SUN 18 OCTMorning9:24 AM

Back to the brief

USCBS News

California's proposed billionaire tax: How does it add up?

Photo: CBS News

When California voters head to the polls next month, they'll be asked whether to adopt a new proposal that calls for billionaires to be taxed like never before. Jo Ling Kent shares what Proposition 40 is all about:

"There's never been a proposal like this anywhere in the world, so it's a novel idea," said healthcare workers union leader Dave Regan . "We are facing an emergency."

An emergency that began, according to Regan, with President Trump's so-called "One Big Beautiful Bill," which includes cuts targeting federal funds to Medicaid over the next few years.

Read the original report

Opens CBS News in a new tab