Understanding California's billionaire tax

California voters will decide this November whether to impose a one-time wealth tax on the state's richest residents, setting up what could become one of the most expensive ballot measure fights in state history. Proposition 40 would levy a one-time 5% tax on the total wealth — not just income, but stock holdings, real estate, yachts, and other assets — of roughly 200 of California's richest residents. We’ll dig in. Also: a stopgap funding bill and Treasury term premiums.

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Stories covered in this episode:

• Why term premiums on U.S. Treasurys have been rising
• California voters weigh $100 billion wealth tax to offset Medicaid cuts