What’s the status of California’s proposal to tax billionaires?

A California measure to tax the net worth of billionaires that divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history was too early to call Wednesday morning as the vote tally continued.Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare. The measure left the ultra-rich, some of whom spent heavily to defe...