California’s proposed billionaire tax faces opposition and uncertain returns

Wall Street Turkish - International (English) · Oct 27, 2026 · 1m

California voters will vote in November on Proposition 40, a proposed one-time five percent tax on the wealth of billionaires residing in the state on January first of this year. The piece notes that California had 260 billionaires in early October, with nearly two and a half trillion dollars in wealth. Based on those figures, a five percent tax could raise about 110 billion dollars. The proposal faces opposition from Governor Gavin Newsom and Xavier Becerra, as well as wealthy business figures. Google co-founder Sergey Brin has helped coordinate about 200 million dollars to oppose it and…