Good morning. Billionaires are suddenly everywhere in these midterm elections. Including on the ballot in California.

On Nov. 3, Californians will vote on Proposition 40, which would create a one-time 5% wealth tax on people with a net worth of more than $1 billion.

It’s an idea proposed by a healthcare union to replace Medicaid funding that was lost last year. (To be sure, if it passes, there will be A LOT OF LITIGATION). It’s a populist and legislative experiment.

Oftentimes, experiments that begin at the state level will scale out, both to other states but also…eventually…to Washington. If Prop. 40 passes, it could represent the kind of antiwealth, antitech populism that becomes a dominant force in the 2028 election.

Democrats aren’t the only ones talking about taking a tougher stance on the wealthy in 2028. Some populist Republicans have been criticizing CEO pay and corporate behavior, and a strong vote in favor of the tax (albeit, in California) could encourage more of this. If the measure is defeated, however, it could create tension between centrist Democrats and the Democratic Socialists of America, as they battle for the party’s steering wheel heading into the 2028 campaigns.

Live Q&A: Do you have questions about how the economy will influence midterm voters across the country?

Our reporters Eliza Collins and Konrad Putzier will answer them in the comments space from 1 p.m. to 2 p.m. ET today. Ask your questions for them now.

Kevin Warsh: The Fed chairman wants to stop previewing coming moves, but some colleagues aren’t following his lead.

Israeli election: Israel goes to the polls in its first general election since the Hamas-led attacks of Oct. 7, 2023.

President Trump’s Tuesday: He is set to hold two midterm rallies in Texas; first, in Port of Corpus Christi at 3 p.m., and then in Lubbock at 6 p.m.

A bruised John Thune is leading the Senate GOP into uncertain future. Allies worry that the Senate majority leader could get blamed by Trump and others if Democrats win back control in midterms. With the Senate appearing to be in the balance, these are precarious times for Thune.

Can James Talarico convince Texas that he is a moderate? The Democrat is rejecting the progressive label in his race for the U.S. Senate against Republican Ken Paxton. Talarico says his beliefs haven’t changed, but Republicans are using his past statements on transgender issues and capitalism to attack him as too far to the left.

The places where the midterms will decide the fate of data centers. Four states and their election outcomes hold outsize sway in determining whether data-center developers will face significant new restrictions on building. We break down the dynamics in Michigan, Texas, Ohio and Georgia.

I’m Damian Paletta, The Wall Street Journal’s Washington coverage chief. I’ve covered Washington for 22 years as a reporter and editor. I’ve covered the White House, Congress, national security, the federal budget, economics and multiple market meltdowns.