Top Democrats Join the Wealthiest in Fighting a California Tax Increase on Billionaires
Supporters say the one-time levy would replace $100 billion in federal health care cuts, while opponents warn it could drive wealth out of California.
- California voters face California Proposition 40, a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, designed to replace an estimated $100 billion in lost federal healthcare funding.
- Opponents have raised more than $300 million to defeat the measure, with Google co-founder Sergey Brin contributing nearly one-third of that total, arguing the tax could drive wealthy residents out of California and worsen budget problems.
- Recent polling from the Public Policy Institute of California shows 52% of likely voters support the measure, while opponents are spending or booking roughly $96 million on airtime compared to just $209,000 by supporters.
- Vermont Sen. Bernie Sanders rallies progressives in support, while Gov. Gavin Newsom opposes the measure, arguing a single-state tax is ineffective; SEIU UHW President Dave Regan faces harassment allegations complicating the campaign.
- If passed, the tax would apply to billionaires living in California as of Jan. 1, 2026, with 90% of revenue dedicated to healthcare, addressing concerns that children make about 1.5 million emergency room visits annually.
25 Articles
25 Articles
The Toronto Star
Top Democrats join the wealthiest in fighting a California tax increase on billionaires
SACRAMENTO, Calif. (AP) — It is not just tech moguls and venture capitalists fighting a California proposal to tax the net worth of billionaires, even though they are putting up the majority of the money in one of the most…
Top Democrats join the wealthiest in fighting a California tax increas
SACRAMENTO, Calif. (AP) — It is not just tech moguls and venture capitalists fighting a California proposal to tax the net worth of billionaires, even though they are putting up the majority of the money in one
The tax is equal to what they earned in a month, according to economist Gabriel Zikman. The article California: Billionaires fight the 5% tax they want to impose on them appeared first on Documento.
Deceptive advertising, shielded funding and questions designed to cancel a possible win of the yes: the complaint of the economist Gabriel Zucman
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