Proposition 40

California Democrats endorsed a billionaire tax despite opposition from Governor Gavin Newsom and gubernatorial candidate Xavier Becerra. Proposition 40 aims to generate $100 billion through a one-time 5% tax on billionaires to fund Medi-Cal and address federal cuts. The endorsement highlights internal party divisions over the November ballot measure.

The California Democratic Party endorsed Proposition 40, a proposed billionaire wealth tax. The decision highlighted internal opposition within the party.

The California Democratic Party supports a one-time, five-percent tax on the net worth of California's 200 billionaires via Proposition 40, despite facing opposition from California Democrats, including the state’s governor.

The Service Employees International Union California executive board voted to take a neutral position on a billionaire tax measure, Proposition 40, which will appear on the ballot. Labor organizers are leading the effort for the tax, but their parent union has not endorsed it.

Labor organizers leading a California billionaire tax initiative faced opposition from their parent union, Service Employees International Union California, which voted to remain neutral on Proposition 40. The tax measure will appear on the ballot as Proposition 40.

California voters will decide on Proposition 40, a one-time tax on billionaires to address a Medi-Cal shortfall and offset healthcare costs. A nurse argues the tax is necessary to prevent rising premiums and loss of coverage, while a business association head warns it could harm innovation and revenue.

California voters will decide on Proposition 40, a one-time 5% tax on billionaires with over $1 billion in assets to fund healthcare and services. The author argues the measure risks long-term revenue and innovation by potentially driving taxpayers away, advocating instead for Propositions 41 and 42.

LeBron James is relocating to Philadelphia, but California’s Proposition 40—a 5% wealth tax on billionaires—may still apply due to its January 1, 2026 residency cutoff. The tax faces legal challenges and reflects a broader trend of billionaires either fleeing California or funding political efforts to block the measure.

Gov. Gavin Newsom opposes a California billionaire tax but advocates for federal higher taxes on the wealthy, positioning himself as a populist ahead of a potential 2028 presidential campaign. He emphasizes addressing AI-driven economic inequality while balancing relationships with tech donors who oppose the state tax proposal, Proposition 40.

California voters will decide on 14 ballot measures in November, including a 5% wealth tax on billionaires (Proposition 40) and countermeasures (Props 41 and 42) backed by billionaire Sergey Brin. Legislative changes in 2016 allowed sponsors to remove measures before deadlines, leading to compromises that reduced the total from 20 to 14, though conflicts like the wealth tax remain unresolved.