00:00It's Benzinga, bringing Wall Street to Main Street.
00:02California voters may consider a one-time 5% wealth tax on residents worth over $1 billion
00:08to address billions of dollars in Medicaid funding gaps after federal cuts,
00:12according to the Wall Street Journal.
00:14The state has 255 billionaires, more than one-fifth of the U.S. total.
00:19Critics say the proposal's design could create outsized tax bills for tech founders
00:23with supervoting shares.
00:25Wealth taxes are difficult to administer.
00:27Some billionaires, including Sergey Brin, have left the state,
00:31while Peter Thiel has opposed the measure with a $3 million donation.
00:35Federal Reserve data shows the top 1% held 32% of U.S. wealth in the third quarter of
00:402025,
00:41or $54.8 trillion, while the bottom half held 2.5%.
00:46Research shows the 400 wealthiest Americans pay a 24% effective tax rate
00:52versus 45% for top labor earners.
00:54For all things money, visit Benzinga.com.
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