Should billionaires pay a wealth tax? California will be a big test.

With the top 1% holding nearly one-third of household wealth in the U.S., efforts to impose new levies on the wealthy have been gaining traction. In California, voters will decide this fall whether to impose a one-time 5% tax on the state’s billio...

With the top 1% holding nearly one-third of household wealth in the U.S., efforts to impose new levies on the wealthy have been gaining traction. In California, voters will decide this fall whether to impose a one-time 5% tax on the state’s billionaires.