Why some billionaires are racing to depart California

A measure to impose a one-time 5% tax on California billionaires could possibly be on the poll in November. Proponents say that the roughly $100 billion raised by the invoice, which might tax about 200 folks, would assist offset federal cuts to well being care. In an effort by lawmakers to forestall billionaires from fleeing California earlier than the invoice is handed, the tax could be retroactive to Jan. 1, 2026. CNBC’s Robert Frank breaks it down.