Nathalie Kitro-Eff

From The New York Times, I'm Nathalie Kitro-Eff.

This is The Daily.

A landmark proposal for a one-time tax on billionaires in California reached a milestone this week.

it got enough signatures to put the measure to a vote.

Those who have prospered from here in California can afford to invest a little more in keeping California running.

Proponents say it's necessary to right the wrongs of an unequal system.

Opponents say it's going to drive rich taxpayers out of the state.

But it's not just Republicans and the ultra-wealthy who are against it.

It's also a surprising group of Democrats.

Today, my colleague Laurel Rosenhall lays out how California arrived at this moment and what it might mean for the fight over inequality nationwide.

It's Wednesday, April 29th.

Laurel, welcome back to the show.

It's great to have you here.

So we have you here because we got word this week that a historic tax on billionaires appears to have gotten enough signatures to be put to voters in California in November.

So just tell us why that matters at a fundamental level.

Okay, let's start there with the unusual structure of it.

Just explain what the measure would do.

What does that actually mean?

Like, does that go to the money that people are spending on their health care?

So just to put a fine point on it, what's unusual about this initiative is that, one, it's taxing assets, and that's really different.