Met de afwijzing van Proposition 40 ontlopen circa 250 superrijken een eenmalige heffing van 5 procent. Tegenstanders investeerden 350 miljoen dollar in hun strijd.

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

It is essential not just to fund the public goods the nation needs, it is indispensable to restore a sense of fairness

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.

Voters are about to decide if the mega-rich among them should hand over billions of dollars to pay for improvements to healthcare.

Progressive laureates say November ballot measure could ‘start reining in the power’ of ultra-wealthy

If passed, California’s Proposition 40 would generate funding for health care, education, and food assistance programs.

via US news | The Guardian — Will California stand with the working class or the oligarchs in the vote this November? The Democratic party has a choice to make. Are we going to be New Deal Democrats or corporate Democrats? Are we standing with the working class or the tech oligarchs? Proposition 40, California’s billionaire tax, is the most important ballot initiative in America and a fight for the soul of our party. Rohit Khanna is aUS congressman and attorney serving as the US representative from California’s 17th congres

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