Taxing the rich is getting more popular. Here's why California's proposal lost steam anyway.

A proposed one-time 5% wealth tax on California billionaires faces opposition despite 54% voter support. Critics, including Gov. Gavin Newsom and the California Teachers Association, argue the tax lacks sustainability and is constitutionally vulnerable. Billionaires like Mark Zuckerberg and Jensen Huang are highlighted as potential targets, while concerns about tax avoidance strategies and residency disputes are raised.