India-born Nobel-winning economist Abhijit Banerjee backs California's billionaire tax

California voters will decide on November 3 whether to approve Proposition 40, a one-time 5% wealth tax on residents worth $1 billion or more. Six Nobel-winning economists, including Abhijit Banerjee and Esther Duflo, have supported the proposal in an open letter. The other economists backing the plan include Joseph Stiglitz, Paul Krugman, Peter Diamond and Daron Acemoglu.