California’s Tax Showdown: Billionaires Tax, Millionaires Tax, and More on November Ballot

A lot is at stake on the November ballot, as Californians will decide whether to approve a series of tax-related ballot measures that could reshape how the state raises and spends money as lawmakers grapple with multibillion-dollar budget deficits.

Known as the “billionaires tax,” Proposition 40 would impose a one-time 5% tax on roughly 200...