Taxing the rich is getting more popular. Here's why California's proposal lost steam anyway.

A supporter with the Billionaire Tax Now coalition holds a placard during a media briefing in Los Angeles on April 27, 2026. Frederic J. BROWN / AFP via Getty Images A wealth tax proposal in California would hit billionaires with a onetime 5% tax. A majority of voters say they'd support the measure, but critics argue it lacks sustainability. Gov. Gavin Newsom opposes the wealth tax, preferring higher taxes on California's top earners. Americans really want wealth taxes. So far, they're not ...