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Californians vote on ballot initiative to impose one-time tax on billionaires

This Tuesday, Californians are voting on a landmark plan to impose a one-time tax on billionaires to fund the state's healthcare system. We take a closer look. Also on the show: global oil prices fell sharply on the eve of the US midterm elections. This came after Iran said it was holding intensive talks through mediators towards negotiating peace and signalled that it was ready to reopen the Strait of Hormuz if the US accepted its conditions. Both Brent and WTI fell by around 8 percent.

World

Californians vote on billionaire tax to replace federal cuts in healthcare funding

California could become the first US state to tax the net worth of billionaires Tuesday under a ballot measure that has divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history as the ultra-rich scramble to figure out whether they would pay the tax or flee. Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare.