Economy and macroUpdated November 5

California's Proposition 40 is set to lose.

The Financial Times says California's Proposition 40, a billionaire tax, is set to be defeated in the midterms, calling it a rare victory for mega-donors. Its separate wealth-tax explainer shifts the lens: regardless of Proposition 40, it says, calls for better taxation of capital will not go away. The explainer starts by urging readers to answer questions about wealth taxation first. One expected ballot loss, in other words, doesn't close the larger debate.

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Coverage started November 5