India, Sept. 20 -- California voters will decide on Proposition 40, a ballot measure that would create a one-time 5% tax on the wealth of the state's billionaires. The vote is scheduled for November 3. If approved, the measure would target California residents who qualify as billionaires under the proposal. The proposal comes as California faces major demands for funding, especially for healthcare, food assistance and education.

California is home to as many as 250 billionaires, whose combined wealth is estimated at more than $2 trillion, according to the Reuters report. California also has more billionaires than any other US state, according to a Forbes estimate. The state is home to some of the world's biggest companies, including Goog...