The most important choice California voters make this November won't be who represents them in Congress, Sacramento or city hall. It will be the fate of Proposition 40, better known as the "billionaire tax."

Proposition 40 is among the most radical tax proposals in U.S. history. Instead of taxing income, it would impose a one-time 5% tax on nearly every form of wealth billionaires hold, in effect punishing people for amassing money, business interests and valuable property.

The tax would apply to wealth held anywhere in the world, not just in California. Individuals, married couples and certain trusts that meet the threshold would all have to pay. By the count of the measure's own authors, California is home to about 260 billionaires worth a combined $2.3 trillion.

Supporters say Prop 40 would raise $100 billion over five years, the period during which billionaires could pay it off in annual installments.

Backers are selling Prop 40 as a lifeline for Medi-Cal, California's Medicaid program, and 90% of the revenue would go to health care. With federal cuts phasing in, Medi-Cal could need tens of billions of dollars over the next decade to stay afloat. But Prop 40 would do California far more harm than good.

Wealth taxes drive........

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