Establishes a Wealth Tax. The measure institutes a state wealth tax levied on the net assets of individuals with values in excess of about $40 million as of January 1, 2010. The minimum wealth tax rate would be 55 percent. It appears that the wealth tax would be levied on taxpayers in the state on a one-time basis, with revenues to be deposited in the newly created Global Warming Fund in 2011-12 and 2012-13. The monies in this fund would be used to acquire a majority interest in outstanding voting common stock of various petroleum, automotive, and financial companies, as well as for other envi-ronmental protection-related purposes.