California's billionaire tax will 'kickstart a movement' that spreads to more states, the federal government and other countries, Nobel laureates say

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A ballot initiative that would impose a wealth tax on California’s billionaires could be the start of a global trend, according to six Nobel Prize-winning economists.

In a letter published on Saturday, they endorsed the state’s Proposition 40, which calls for residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets.