Billionaire Tax Coming to California and How BYD Dethroned Tesla

A proposed tax on billionaires in California: Governor Gavin Newsom is against it, Senator Bernie Sanders is for it. Sanders is soon kicking off a campaign to get that measure across the finish line. Basically, the idea is a one-time 5% tax on the assets of the over 200 billionaires in California. Supporters need signatures from about 875,000 registered voters to submit to election officials by the end of June for the measure to qualify for the November election. Meanwhile, San Francisco public schools shut down on Monday, as teachers walked off the job for the first time in nearly 50 years. San Francisco Unified School District is only offering teachers a 6% raise and limited coverage, blaming decreased state funding and a massive deficit. In business, a survey found that Los Angeles and Long Beach homes are among the most expensive in the nation, and BYD toppled Tesla as the world’s leading electric vehicle seller last year due to increased competition due to the end of federal EV tax incentives, growing competition overseas and brand damage. Read more at LATimes.com.