What the debate reveals about California

An influential California labor union is gathering signatures for a proposed asset tax on billionaires. But some of California’s ultra-wealthy are threatening to pack their bags — leaving the state’s tax revenue in the balance. WSJ’s Laura J. Nelson explains what’s potentially at stake and why a billionaire exodus is harder than simply renting a truck. Jessica Mendoza hosts.  

Further Listening:

- The Healthcare Costs of Trump’s Big Beautiful Bill 

- Kathy Hochul on Mamdani, Trump and Where Democrats Went Wrong

Sign up for WSJ’s free What’s News newsletter.

Learn more about your ad choices. Visit megaphone.fm/adchoices