Nobel laureates back California billionaire wealth tax as ballot clash looms

A group of Nobel Prize–winning economists, including Stiglitz, Diamond, Acemoglu, Banerjee, Duflo and Krugman, sign an open letter endorsing California’s proposed one-time 5% wealth tax on billionaires, arguing it could spark a broader movement toward wealth taxation in the US and beyond. Opponents funded by Silicon Valley donors warn the plan would cost the state and drive entrepreneurs elsewhere. The measure, designed to raise about $100 billion for public services, is on the November ballot, with California Democrats backing it but Governor Newsom advocating a national approach; polling shows a tight race, and supporters say tax revenue would support essential services and public infrastructure.