California's proposed "billionaire's tax" on the assets of wealthy state residents enjoys a slim lead in the polls leading up to the midterm elections, though so do two measures that, if they draw more votes, could render the scheme unenforceable. That makes for a high-stakes battle as many prosperous Californians are already fleeing to escape a tax that could force them to surrender ownership stakes in companies they've founded. Even if it doesn't pass, a new report warns that the proposal is based on faulty research and could do vast economic damage.
