California's richest residents are threatening to leave the state over a proposed one-time 5% tax on billionaires. Suzanne Jimenez, chief of staff at SEIU United Healthcare Workers West, an architect of the proposal, explains how the tax would work.

Photo: California Governor Gavin Newsom gestures as he speaks during the World Economic Forum (WEF) annual meeting in Davos on January 22, 2026. Newsom opposes this proposal. (Photo by Fabrice Coffrini/AFP via Getty Images)