Zohran Mamdani said he doesn't think we should have billionaires. Gavin Newsom said he doesn't think California should have a billionaires tax.

Ballot initiative, opposed by the ultra-wealthy, would levy one-time 5% tax on individuals worth more than $1bn

California has more billionaires than any other state — a few hundred, by some estimates. Nearly half its personal income tax revenue is from the top 1%.