California voters will decide in November whether to impose a one-time 5% tax on the state's billionaires, a proposal that has sparked debate over income inequality and the state's future business prospects ▻ ↧ Billionaires abound in California. Why not tax their wealth? No state may be a more natural fit for a tax on billionaires than California. It leans left and its 250 billionaires are worth nearly $2 trillion. But a ballot initiative to impose a one-time 5% tax might not pass.