The measure would ease inequality and bolster healthcare – without draining our coffers or triggering a billionaire exodus

via US news | The Guardian — The unprecedented measure has enormous potential nationwide. The clash exposes the party’s corporate-progressive divide Midway through this summer, a high-quality poll found that Democrats in California were overwhelmingly in favor of the upcoming ballot measure for a one-time 5% tax on billionaire wealth. The ratio was more than 4 to 1. But the state’s most powerful Democrats – including the governor Gavin Newsom, his near-certain successor Xavier Becerra and the Los Angeles mayor Karen Bass –

via US news | The Guardian — The measure would ease inequality and bolster healthcare – without draining our coffers or triggering a billionaire exodus On Tuesday, California voters will decide whether to enact Proposition 40 , a one-time, 5% tax on the net worth of about 250 California billionaires . In recent months, a number of California billionaires and their apologists in the media and in government have come out swinging against the ballot measure. I’m not a billionaire, but I’m a Californian wealthy enough to know t

via US news | The Guardian — It was an ambitious notion – now Californians will vote on a one-time 5% billionaire tax, and state’s super rich have pulled out all the stops in opposition One year ago, the idea of a billionaire tax in California was still in its infancy. It wasn’t yet one of the most contentious ballot measure fights in state history – pitting Democrats against Democrats, drawing national attention from political heavyweights, and netting hundreds of millions of Silicon Valley dollars to fight it. Back then,

California is poised to make history with Proposition 40, a groundbreaking measure that would impose a one-time 5% tax on the net worth of billionaires residing in the state as of January 1, 2026. The tax, if approved, would generate approximately $100 billion over five years, with 90% allocated to healthcare and 10% to education, food assistance, and tax administration. This initiative represents a significant step in what economist Gabriel Zucman describes as 'the battle of the 21st century'—a movement to tax extreme wealth that has gained momentum across the United States. The proposal has drawn strong opposition from billionaire donors, including Google co-founder Sergey Brin, who has contributed $100 million to campaigns against the measure. Despite concerns about potential billionaire exodus and economic impacts, proponents argue that wealth creation is inherently collective and that billionaires have benefited disproportionately from public infrastructure and services. The measure has gained support from progressive policymakers, with similar proposals emerging in Washington, New York City, and Congress. While California would be the first U.S. state to implement such a tax, other countries like Switzerland and France have precedent with wealth taxes at the local or national level. The outcome of the November election will determine whether California becomes the catalyst for a broader national movement toward wealth taxation, with implications for how societies address economic inequality and fund public services.

Inside the fight to pass California’s Prop 40, and to stop tech titans’ dystopian vision for working people from coming to pass. With CA labor leader Lorena Gonzalez. Plus: Is the AI bubble bursting?

The Facebook founder figured out a way to game the system.