Decision 2026
California Billionaires Push Back Against Proposed 5% Wealth Tax
A proposed ballot measure targeting California’s wealthiest residents is drawing major opposition from some of the state’s billionaires.
Proposition 40 would impose a one-time 5% tax on California billionaires. The tax would apply to individuals who lived in the state as of January 1, 2026, even if they have since moved elsewhere.
Supporters say the measure could generate approximately $100 billion to help offset federal health care funding cuts.
The proposal could also have implications beyond California. Other states may consider similar taxes, while some could look to attract wealthy residents who decide to leave California.
Some of the state’s wealthiest residents are already spending heavily to defeat the measure.
Google co-founder Sergey Brin has contributed more than $100 million to a group working to oppose the proposal.
The debate is shaping up as a major fight over how much the ultra-wealthy should contribute in taxes and how California should fund health care in the face of federal cuts.
By: NBC Palm Springs
October 29, 2026
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