A proposal to tax California billionaires at 5% of their wealth could land on the California ballot in November.

"One market correction, nationalization event, or prohibition of divestiture (not at all uncommon during wartime) and I am screwed for life."

A proposal to tax California billionaires at 5% of their wealth could land on the California ballot in November.

California Rep. Ro Khanna is navigating a difficult environment as one-time supporters turn on him due to his support of a wealth tax.