Understanding California's billionaire tax

California voters will decide this November whether to impose a one-time wealth tax on the state's richest residents, setting up what could become one of the most expensive ballot measure fights in state history. Proposition 40 would levy a one-time 5% tax on the total wealth — not just income, but stock holdings, real estate, yachts, and other assets — of roughly 200 of California's richest residents. We’ll dig in. Also: a stopgap funding bill and Treasury term premiums. Every story has an economic angle. Want some in your inbox? Subscribe to our daily or weekly newsletter. Marketplace Morning Report is more than a radio show. Check out our original reporting and financial literacy content at marketplace.org — and consider making an investment in our future. Stories covered in this episode: Why term premiums on U.S. Treasurys have been rising California voters weigh $100 billion wealth tax to offset Medicaid cuts