California voters are considering a measure that ABC News described as a "first-in-the-nation measure to tax the net worth of billionaires." In its report, ABC News framed the question as whether California could become the first state to tax billionaires' wealth.
PBS NewsHour carried an Associated Press report by Sophie Austin on the proposal, which is listed as Proposition 40. That report stated that the measure would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion.
According to the same PBS NewsHour report, most of the revenue would be dedicated to replacing federal funding cuts to healthcare.
The ABC News summary did not name the proposition, give a tax rate or describe how revenue would be used, so the specific terms of Proposition 40 in this story rest on the PBS NewsHour report alone.
Both reports concern the same ballot question and agree that voters are considering it. ABC News described the effort as first-in-the-nation, while PBS NewsHour described the tax terms and the healthcare purpose of the revenue.
The available summaries do not report arguments made by supporters or opponents of the measure, and they do not describe any outcome beyond stating that voters are considering it.
Sources: ABC News: California could become the first state to tax billionaires' wealth; PBS NewsHour: California voters consider proposition to tax billionaires' wealth.