Californians vote on a one-time billionaire tax to fund healthcare

Californians are casting ballots Tuesday on a landmark measure that would impose a one-time tax on billionaires, with the money earmarked for the state's healthcare system. The proposal is the marquee item on the ballot as voters also weigh in on US midterm elections the same day. It marks one of the most direct attempts by any state to pull money from its wealthiest residents for public health spending.

The levy is a one-off hit on the ultra-rich, not a recurring wealth tax, according to France 24's report on the vote. Supporters frame it as a way to shore up healthcare funding without leaning on ordinary taxpayers. California is home to a sizable share of America's billionaires, which puts the state at the center of the national fight over taxing extreme wealth.

There's plenty of money in motion elsewhere too. Global oil prices fell sharply on the eve of the midterms, with Brent and WTI both down by around 8 percent, France 24 reported. The slide followed Iran saying it was holding intensive talks through mediators aimed at negotiating peace.

According to France 24, Iran also signaled it was ready to reopen the Strait of Hormuz if the US accepted its conditions. That waterway is one of the world's most critical chokepoints for crude shipments, so any hint of it reopening tends to move prices fast. Traders clearly took the signal seriously, sending both benchmarks tumbling.

What happens next hinges on two counts: whether California voters greenlight the billionaire tax, and whether Iran's mediated talks produce anything concrete. Results from the midterm elections are expected to roll in through Tuesday night.