From the New York Times, I'm Natalie Ketrowaf. This is the Daily.

Starting right here in California, these billionaires are going to learn that we are still living in a democratic society where the people have some power.

A landmark proposal for a one-time tax on billionaires in California reached a milestone this week.

It got enough signatures to put the measure to a vote.

Those who have prospered from here in California can afford to invest

a little more in keeping California running. Proponents say it's necessary to right the wrongs

of an unequal system. It's like the Democrats are doing everything they can to get me to leave the

state. I don't want to.

Opponents say it's going to drive rich taxpayers out of the state.

Just an idiotic concept that is nothing more than political positioning.

But it's not just Republicans and the ultra wealthy who are against it.

It's also a surprising group of Democrats. Today, my colleague Laurel Rosenhall lays out how California arrived at this moment and what it might mean for the

fight over inequality nationwide. It's Wednesday, April 29th.

Laurel, welcome back to the show. It's great to have you here.

Great to be here. Thank you.

So we have you here because we got word this week that a historic tax on billionaires appears to have gotten enough signatures to be put to voters in California in November.

So just tell us why that matters at a fundamental level.

Well, this is coming at a moment when there is a lot of

anxiety about economic inequality. You know, a lot of people are feeling squeezed about affordability.

In California, the electorate is very anti-Trump and feeling somewhat angry about some of the cuts

that he's done and the ways that he seems to be favoring billionaires.

And so people are feeling emotional about that.

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