00:00California's proposed tax on billionaires could still pass and never take effect because those
00:05same billionaires put two measures on the ballot to cancel it out. Here's what's happening. No state
00:10has ever taxed billionaires wealth like this. Prop 40 is a one-time 5% tax on Californians
00:16worth more than a billion dollars. 90% of it goes to health care. Supporters say it replaces federal
00:20funding Congress cut last year. Senator Bernie Sanders backs it. Governor Gavin Newsom opposes
00:26it and wants a national version instead. So do Planned Parenthood's California affiliates and the
00:31California Teachers Association. They say it'll drive billionaires and their tax money out of the
00:36state. One already has. Google co-founder Sergey Brin now lists Nevada as his home but the tax
00:41applies to anyone living in California as of January 1st of this year. He also put more than
00:46a hundred million dollars into a group that he helped launch that is the main funder behind Props
00:5141 and 42 the measures that would cancel out Prop 40. Prop 42 bans new state taxes on things you
00:57own
00:57besides real estate like stocks and businesses. Prop 41 blocks new taxes that skip the state's spending
01:03cap. Polls show slim majorities support all three. If either one gets more votes than Prop 40 on November
01:093rd the billionaire tax doesn't take effect. So what's your take on this? Should we be taxing
01:14billionaires? Should one ballot measure be able to cancel out another? Drop your take in the comments and follow
01:19us here for more.
