Taxing billionaires is on the ballot in California. The measure has split Democrats — and may do more harm than good.

This episode was produced by Miles Bryan, edited by Jolie Myers, fact checked by Gabriel Dunatov, engineered by David Tatasciore and Bridger Dunnagan, and hosted by Sean Rameswaram.

Supporters cheer at the Billionaire Tax Now rally where Sen. Bernie Sanders spoke on Feb. 18, 2026 in Los Angeles, CA. Photo by Jason Armond / Los Angeles Times via Getty Images.

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