California's proposed billionaire tax becomes key midterm battle

Californians will vote next week on Proposition 40, a one-time 5% tax on billionaires living in the state. Championed by Dave Regan, president of the healthcare union SEIU-UHW, the measure aims to offset federal Medicaid and healthcare cuts that could leave over 3.4 million Californians without coverage. Silicon Valley has spent hundreds of millions of dollars opposing it.