Billionaires escalate fight against California wealth tax proposal

Bloomberg: Bloomberg is a global provider of financial news, data, and analysis. Its reporting has covered the expensive campaign by wealthy backers opposing California's wealth tax proposal ahead of the November election. California: California is a U.S. state on the West Coast with a large technology and innovation sector. It is the site of an intense election battle over a proposed ballot measure to impose a one-time wealth tax on billionaires. Ballot Measure: California voters face a proposed one-time wealth tax on billionaires as part of the November ballot. Political Divide: The wealth tax proposal has divided Democrats in the state, with some prominent leaders backing measures to block or limit it. Opposition Campaign: Groups supported by wealthy individuals are mounting a significant push against the tax in the final weeks before the election.