So-called "billionaire tax" proposal fails in California

Should billionaires pay more in taxes? That was essentially the question at the heart of a proposition in California. If approved, it would have imposed a one-time 5% tax on Californians whose wealth exceeds one billion dollars. It took almost a week from Election Day, but the Associated Press has finally called the race -- and it failed. Would this have been a good idea? Or simply a bad business decision?

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