WHICH WAY, CALIFORNIA? Billionaire tax puts California’s economic future before midterm voters. “Proponents of the billionaire tax argue that it would bring in about $100 billion in revenue from the roughly $2.3 trillion in wealth held by the state’s billionaires in mid-2026, though a recent analysis suggests the tax could permanently shrink the state’s tax base over the long-term and with losses exceeding near-term revenue gains.”