California's Proposition 40 would levy a one-time 5 percent tax on the total net wealth of roughly 200 billionaires, the first wealth tax of its kind in the world, and its backers expect it to raise about $100 billion over five years. About 90 percent would go to replace federal health care cuts, while the billionaires it targets are spending hundreds of millions on competing ballot measures.

— via Truthout, Marianne Dhenin