Why did California's billionaire tax fail to surf the blue wave?

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Ultrasound Technologist Mayra Castaneda speaks in front of healthcare workers holding placards in support of the Billionaire Tax during a media briefing in Los Angeles on April 27, 2026. Healthcare workers and allies outlined the next steps in their effort to get California

Two economists debate what California's vote on Prop 40 means for the wealth tax movement.

(Image credit: FREDERIC J. BROWN/AFP via Getty Images)

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