Is the Golden State about to kill its golden geese? Today California votes on whether to impose a punitive tax to grab 5pc of the entire assets of its 250 billionaires. So could Labour's class warriors do the same here?

California voters are currently deciding on a first-in-the-nation measure to impose a punitive tax on billionaires. The proposed legislation aims to seize 5pc of the total assets held by the state's 250 billionaires. This move occurs amidst public protests outside a Tesla showroom in Silicon Valley. The potential implementation of this wealth tax has sparked discussions regarding whether similar class-based fiscal strategies could be adopted by Labour in the United Kingdom to target high-net-worth individuals.