Six Nobel Economists Endorse California Prop 40 Billionaire Tax

Six Nobel Prize-winning economists endorsed California’s Proposition 40 on September 19, backing a one-time 5% tax on the state’s billionaires. The measure heads to the November 3 ballot with about $100 billion at stake, according to BeInCrypto, while Ripple Labs executive chair Chris Larsen has spent more than $10 million to oppose it. The letter was signed by Daron Acemoglu, Abhijit Banerjee, Peter Diamond, Esther Duflo, Paul Krugman and Joseph Stiglitz. It said California’s wealthiest 0.001% now hold $2.3 trillion, and argued the levy would help offset federal Medicaid cuts.