PROP 40 BILLIONAIRE TAX

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gavin waffles 1 26?

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DCK AI OOPS 4

The arguments were:

Supporters: Public financing could help candidates without wealthy networks compete, encourage small donations, and reduce candidates’ reliance on large donors. Supporters included California Common Cause, the League of Women Voters, California Clean Money Campaign, and the California Democratic Party. CalMatters
Opponents: Taxpayers could end up subsidizing candidates they oppose; fraudulent candidates might exploit a program; and governments would face setup and ongoing costs. Opponents included the California Taxpayers Association and Reform California. CalMatters1

On the donor question: reported contributions to the supporting committees included $250,000 from California Nurses Association PAC, $235,157.07 from Movement Voter PAC, and $100,000 each from the ACLU of Northern California Election Issues Committee, Jim Heerwagen, and Million More Voters (California Labor Federation, AFL-CIO). Those figures cover the listed supporting committees and reported contributions, not necessarily every independent expenditure in the race. Ballotpedia

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11/8?

lat

California’s ‘billionaire tax’ is still undecided. Here’s where Proposition 40 stands

Portrait of Gabrielle LaMarr LeMeeVanessa Martinez.

By Gabrielle LaMarr LeMee and Vanessa Martínez

Nov. 6, 2026 4:56 PM PT

This page is current as of 6:02 p.m. on Nov. 7 and will be updated as results come in from the Associated Press.

Winners may not be known on election night as officials count mail-in ballots, which must be postmarked by Nov. 3. Results will be certified in early December.

Days after the midterm elections, Proposition 40 has yet to be decided. The ballot measure, which would impose a one-time 5% tax on California billionaires to help fund healthcare, is failing by more than 8 percentage points.

Headshot of Yes

46.6%

Yes

50%

53.4%

4,768,464 votes

5,456,978 votes

Headshot of No

Los Angeles

San Diego

Fresno

San Francisco

Sacramento

Redding

Statewide, more than 4 million votes remain to be counted in this race, according to the Associated Press, which calculates the expected vote using returns and other data. That includes more than half a million from Los Angeles County, where the “yes” vote leads by more than 7 percentage points.

There are an estimated 3.4 million votes for Prop. 40 left to be counted

CountyLeft (%)Percent of votes leftVotes left

All counties25.0%

3,400,488

Los Angeles

8.5%

270,973

Orange

16.2%

188,527

Riverside

43.3%

354,965

San Bernardino

11.1%

68,865

Ventura

38.0%

134,274

All other counties

31.9%

2,382,884

The proposition has so far found support in nine counties: Alameda, Humboldt, Los Angeles, Mendocino, Monterey, San Francisco, Santa Cruz, Sonoma and Yolo. In Southern California, Los Angeles is the only county leaning toward “yes.”

Propositions 41 and 42

While Proposition 40 focuses narrowly on taxing billionaires, competing Propositions 41 and 42 would have broader impacts on the state’s ability to enact new taxes. And the measures could undercut Proposition 40 if it passes.

As of Friday, the latest vote tallies showed “yes” on Proposition 41 trailing by more than 7 points, while “yes” on Proposition 42 was ahead by more than 6 points.

Proposition 41 would would require audits for new state special taxes and prohibit new state taxes from being exempted from a voter-approved state spending limit. Proposition 42 would prohibit new taxes on retirement holdings, individually owned assets and other personal savings. If Proposition 40 passes and either of these measures passes with more “yes” votes than Proposition 40, it would prevent the billionaire tax from becoming law.

Proposition 41

To require preelection audits for initiatives proposing special taxes and additional audits every four years.

Support% votestotal

✓

No 54.4%5,464,714

Yes 45.64,579,111

75.0% of expected vote in

10,043,825 total votes

Proposition 42

To prohibit taxes on personal savings, assets and retirement holdings.

Support% votestotal

Yes 52.2%5,290,587

No 47.84,851,517

75.0% of expected vote in

10,142,104 total votes

A late October poll showed voter opposition to Propositions 41 and 42 had grown even as support for the billionaire tax declined.

The money behind the measures

Support for Proposition 40 has totaled to nearly $35 million, mostly from the Service Employees International Union-United Healthcare Workers West, the healthcare workers union that proposed the tax.

Backers of Propositions 41 and 42 also opposed Proposition 40. Combined, they raised more than $300 million. Most of that money came from the billionaires who would be subject to the tax.

POLLS SHOW IT AHEAD — FOR NOW

A UC Berkeley IGS Poll in August found 48% of likely voters supported Proposition 40, with 41% opposed, while a September Public Policy Institute of California poll showed it leading 52% to 46%.

California ballot measures typically need robust early support to survive Election Day. Undecided voters are more apt to vote "no" when the time comes, political analysts say, and opponents have yet to crank up their advertising campaign.

"California ballot measures tend to lose support over time, and if it's polling below 50% in August, that's not a good sign for its prospects," said John Pitney, a professor of politics at Claremont McKenna College.

Backers say California's measure would generate $100 billion for healthcare, food assistance and education. But skeptics peg the revenue estimate at closer to $40 billion and say it could also drive some billionaires ‌out of ⁠state, depriving California of future tax revenue and investment.

Item 1 of 3 Google cofounder Sergey Brin attends a private dinner for technology and business leaders hosted by U.S. President Donald Trump in the State Dining Room at the White House in Washington, D.C., U.S., September 4, 2025. REUTERS/Brian

Opposition has been bolstered by billionaires such as Sergey Brin, the Google co-founder who has spent more than $100 million to defeat Proposition 40 and support countermeasures on the same ballot that would effectively void it.

"I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don’t want California to end up in the same place," Brin, 53, whose family left the Soviet Union when he was a child, told the New York Times.

Governor Gavin Newsom, a Democrat widely believed to be running for president in 2028, also opposes Proposition 40, instead advocating for a nationwide federal wealth tax.

COLORFUL INITIATIVE HISTORY

California ⁠ballot initiatives draw unusual attention because the state combines a powerful direct-democracy system with the nation's largest state economy and population. The process allows citizens to propose laws, though most initiatives are drafted by interest groups or lawyers.

Proposition 13 in 1978, which capped and rolled back property taxes, became a national symbol of a tax revolt that shaped US politics.

But California voters have only approved one in three citizen initiatives historically.

In 2022, another California ballot measure aimed at increasing ⁠taxes on top earners, Proposition 30, lost 58% to 42%, even though Democrats outnumber Republicans nearly two to one.

"Sixty percent of Californians now reliably vote Democratic for statewide races, but that doesn't mean that they're really liberal on taxing, spending, or even many social issues," said Thad Kousser, a professor of political science at UC San Diego.

European countries including France, Sweden, Finland, Denmark and Germany repealed wealth taxes between 1997 and ⁠2018 amid concerns about capital flight, avoidance and economic competitiveness. The California proposition is retroactive to January 1, limiting billionaires' ability to escape the tax by moving.

Saez said the tax was unlikely to prompt many billionaires or the tech startups that are making people wealthy to move, because of the quality of California's universities, research, infrastructure and talent.

"It's just absurd to think that Silicon Valley is going to come to a standstill because of a billionaire wealth tax," he said.

Reporting by Daniel Trotta in Carlsbad, California, and Ann Saphir in San Francisco; editing by Donna Bryson and Nia Williams

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WOW LOTS TALK

Talk:2026 California Proposition 40 - Wikipedia

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Proposition 40, also known as the California billionaire tax or California wealth tax, is a combined initiated constitutional amendment and state statute that will appear on the November 3, 2026, ballot in the state of California.

If approved by voters, the state's billionaires would pay a one-time 5 percent tax on their accumulated wealth. Revenue from the tax would primarily fund state healthcare programs, with a smaller portion going toward food assistance and public education. Proposition 40 was sponsored by the labor union SEIU United Healthcare Workers West.

Background

Proposition 40 was drafted by tax law professors Brian Galle of UC Berkeley, David Gamage of the University of Missouri, Darien Shanske of UC Davis, and economist Emmanuel Saez of UC Berkeley.^[1]^[2]^ Labor union SEIU United Healthcare Workers West (SEIU-UHW) filed the initiative. In December 2025, state attorney general Rob Bonta issued the official title and summary.^[3]^[4]^

On April 26, 2026, SEIU-UHW announced that they had collected 1.6 million signatures in support of the tax, nearly double the 874,641 required to qualify for the November ballot.^[5]^[6]^ On June 17, the California secretary of state announced that the wealth tax had qualified for the ballot with 980,438 valid signatures.^[7]^[8]^

A day later, SEIU-UHW sent a letter to California governor Gavin Newsom—an opponent of the initiative—offering to withdraw the 5% wealth tax proposal if Newsom supported a smaller 2% levy on billionaires that would be passed by the state legislature;^[9]^[10]^[11]^ Newsom quickly rejected the amended proposal.^[12]^ Negotiations stalled before the June 25 withdrawal deadline, and the initiative was certified for the November ballot.^[13]^[14]^

Impact

The initiative would impose the Billionaire Tax Act, a one-time 5% tax on the net worth of the California residents worth over $1 billion.^[15]^ 90% of revenue from the tax would go towards state-funded healthcare programs,^[16]^ including Medi-Cal, while the rest would provide funding for food assistance and public education.^[15]^

The eligibility cut-off outlined in the initiative was January 1, 2026, meaning that if the initiative is passed by voters, billionaires who continued to hold residence in the state of California after that date will be subject to the 5% tax.^[15]^

Six of the state's estimated 214 billionaires were reported to have left California before or around the deadline, including PayPal co-founder Peter Thiel, former Uber CEO Travis Kalanick, and Google co-founders Larry Page and Sergey Brin.^[15]^[17]^[18]^ They may be subject to a residency audit to determine whether they have sufficiently severed ties with the state.^[19]^{^}

Revenue

Analysis by the California Legislative Analyst's Office found the wealth tax was likely to temporarily increase revenue by up to tens of billions of dollars total, collected over several years.^[20]^[21]^ The analysis also found the tax would possibly decrease income tax revenue by less than $1 billion annually from billionaires leaving California.^[20]^[22]^

SEIU-UHW, the labor union behind the initiative, estimated that the tax would generate $100 billion,^[23]^ though revenue from the billionaires who reportedly left the state prior to the deadline accounts for an estimated $29 billion of that sum, according to Fortune.^[24]^[19]^ Academic Kent Smetters cast doubt on SEIU-UHW's estimate, telling the Los Angeles Times that the union is "not accounting for the different ways that people can move or reclassify wealth".^[25]^

UC Berkeley economics professor Enrico Moretti warned that the tax "has the potential to completely destroy California's economy", and described the revenue estimate as "way overly optimistic."^[2]^

The conservative-leaning Hoover Institution estimated that "permanent loss of income taxes from the departing residents indicates a high likelihood that net effect of the Billionaire Tax Act will be negative" by almost $25 billion.^[26]^ This conclusion was criticized by one of the bill's authors, David Gamage, who contended that the group's analysis "suggests that the billionaire tax might raise more revenue than our projections even say".^[27]^

In a guest essay for The New York Times, Gabriel Zucman and initiative co-author Saez responded to concerns about billionaires fleeing the state, claiming that because billionaires are able to avoid income tax on most earnings, "even if all of them left the state, it would take 25 years for the loss of their tax payments... to surpass the amount the state would raise" if the initiative passes.^[28]^ In a working paper, Saez and Zucman, alongside co-author Jasper Boll of the Paris School of Economics, estimated that California billionaires annually pay state income tax equal to about 0.2 percent of their total wealth, making up 2.4 percent of California's total income tax revenue.^[29]^

Economist Teresa Ghilarducci of the Economic Policy Institute, a pro-union think tank, considered an exodus of billionaires due to the tax unlikely, pointing to a 2022 Massachusetts 4% surtax on income above $1 million that exceeded projected revenue.^[30]^ Nuveen, an asset management company, also concluded billionaire outmigration was unlikely and that the tax posed minimal risk to California's credit profile and municipal bonds.^[31]^

Effective tax rate

The Tax Foundation, a center-right think tank, argued that it was possible for the effective wealth tax rate to far exceed 5% for some taxpayers due to provisions related to dual-class share structures,^[32]^ but acknowledged that this would be unlikely in cases where valuations are clearly incorrect.^[33]^[34]^ The initiative's drafters published a report arguing that this concern was based on a misreading of the text.^[33]^[35]^

Real estate

Forbes cited the billionaire tax initiative as the reason for a real estate boom on Nevada's side of Lake Tahoe, noting that a number of lakefront homes were purchased by California billionaires after the proposal was announced.^[36]^ Bill Dietz, a Lake Tahoe realtor, told the magazine that a "clear acceleration of ultra-high-net-worth buyers moving from California to Nevada" took place, driven by "tax strategy".^[36]^

In late 2025, Oracle founder Larry Ellison sold his San Francisco mansion for $45 million, choosing to relocate to Nevada; venture capitalist Steve Jurvetson later did the same.^[37]^ In June 2026, former U.S. ambassador to Kenya Meg Whitman and her husband, neurosurgeon Griffith R. Harsh, sold a number of properties in California, including a $17.9 million fly fishing ranch, purportedly over fears that the billionaire tax would be approved by voters.^[37]^

Campaign

Support

Duration: 30 seconds.0:30Sanders discussing the billionaire tax in February 2026

U.S. senator Bernie Sanders, a democratic socialist, has endorsed the billionaire tax. At a February 2026 Los Angeles rally in support of the tax, Sanders described billionaires as "oligarchs of the 18th century...[who] believe they have the divine right to rule".^[38]^ Many prominent supporters have asserted that the billionaire tax is a necessary response to the Trump administration's restrictions and cuts to Medicaid,^[39]^ including former U.S. secretary of labor Robert Reich, who described the tax as a "practical way to keep the healthcare system functioning".^[39]^

Emmanuel Saez, a co-author of the initiative, said that the tax would "preserve [healthcare and education] programs that are crucial for California's economy".^[2]^

The state branch of the Democratic Socialists of America endorsed the billionaire tax, stating that "without this funding, thousands of jobs will be lost, millions of Californians could lose coverage altogether, and care facilities across the state could be forced to close".^[40]^[41]^

U.S. representative Ro Khanna, a progressive Democrat who represents much of the Silicon Valley, has expressed strong support for the tax.^[42]^ Some venture capitalists from Khanna's district responded by backing his unsuccessful primary challenger, Ethan Agarwal.^[43]^ Two 2026 Democratic gubernatorial candidates, billionaire businessman Tom Steyer and state superintendent of public instruction Tony Thurmond, endorsed the tax.^[42]^[44]^

Current Affairs editor Alex Scopic argued in favor of the tax, considering it an important method of countering the "buy, borrow, die" tax avoidance strategy by billionaires.^[34]^

In August 2026, the California Democratic Party endorsed Proposition 40.^[45]^[46]^ After a failed initial endorsement vote and an unsuccessful alternative motion to adopt a neutral position on the measure, a second endorsement vote yielded 61.7 percent in favor, narrowly exceeding the 60 percent threshold for endorsement.^[47]^

In September 2026, a group of six progressive Nobel laureates of economics published a letter in support of the tax, arguing that it would help address growing inequality in California and loopholes that have allowed billionaires to avoid taxes on capital gains.^[48]^[49]^[50]^ The economists wrote that if California passed Proposition 40, it would "kickstart a movement" to tax ultra-high-net-worth individuals elsewhere.^[49]^

SEIU-UHW extortion and abuse allegations

In February 2026, SEIU United Service Workers West (SEIU-USWW) president David Huerta and three other labor leaders filed a formal complaint against SEIU-UHW president Dave Regan, accusing him of extorting them by suggesting that he would "report unspecified governance concerns to the U.S. Department of Labor ... if [they] did not support the billionaire tax".^[51]^[52]^ An investigation initiated by the SEIU's national branch substantiated these claims as well as allegations from SEIU California executive director Tia Orr that Regan had threatened her by saying "endorse this measure ... or I'm coming for you".^[52]^[53]^

A September 2026 report from SEIU California found that Regan had "engaged in a pattern of subjecting former and current SEIU California female directors to intimidating and threatening physical behavior" and substantiated former union leader Courtni Pugh's allegations that Regan physically assaulted her.^[52]^ Regan denied this and claimed that because Pugh worked as a political consultant against the tax, she had a reason to lie.^[52]^ A separate investigation found that Regan had intimidated and bullied SEIU California's government relations director, Jessica Bartholow, by standing "uncomfortably close" to her as "tensions flared over the billionaire tax" before "scream[ing] an expletive at her".^[52]^

Regan dismissed the allegations as political retaliation over his support for the billionaire tax; an independent investigation found that his claims were unsubstantiated.^[51]^ On September 11, 2026, the California Nurses Association, who support Proposition 40, published a statement urging Regan to resign over "inappropriate, aggressive behavior and threats targeting other labor staff to support the Prop. 40 billionaire tax initiative."^[54]^

Opposition

In response to the initiative, activists staged a "pro-billionaire" protest march in San Francisco on February 7, 2026.^[55]^

California governor Gavin Newsom has vocally opposed the tax, telling Politico that the proposal "makes no sense" and is "really damaging to the state".^[56]^ A number of Democratic candidates who aimed to succeed Newsom in the 2026 gubernatorial election also opposed the tax, including former U.S. representative Katie Porter, former U.S. secretary of health and human services Xavier Becerra, former Los Angeles mayor Antonio Villaraigosa, and San Jose mayor Matt Mahan.^[57]^[42]^ Leading Republican candidates Chad Bianco and Steve Hilton expressed opposition to the tax.^[58]^{^}^

Google co-founder Sergey Brin has spent more than $100 million opposing the tax.

Robertas Bakula, an associate fellow at the Ayn Rand Institute, called the tax an "immoral scam" in an opinion piece for the Los Angeles Daily News, arguing that the January 1 eligibility deadline is illegal because the United States Constitution bans retroactive laws.^[59]^ In a February 2026 effort to curb the effects of the eligibility deadline, U.S. representative Kevin Kiley introduced a bill in Congress that would prohibit a state from levying a tax retroactively on people who no longer live in the state.^[38]^

In an April 2026 editorial, The Wall Street Journal criticized wording in the act that would allow the state legislature to make amendments that could widen the scope of eligibility for the tax.^[60]^ In May 2026, the editorial board of The Washington Post publicly opposed the tax, which they described as "self-destructive".^[61]^ The board criticized SEIU-UHW and stated that the initiative "has already cost the state more in lost future revenue from income taxes than it would raise".^[61]^ In September 2026, the Los Angeles Times published an editorial urging voters to oppose Proposition 40, calling the measure "poorly drafted" and claiming that it has "insufficient guardrails to ensure the funds are spent to actually address Californians' most pressing healthcare needs".^[62]^

Building a Better California, an organization co-founded by Sergey Brin and Eric Schmidt that is opposed to the billionaire tax,^[63]^ sought to introduce three questions to the November 2026 ballot, all of which were designed to curb the effects of the billionaire tax if it passes.^[64]^

One would've required more audits of special taxes and impose more rules on how revenue from new taxes could be spent,^[65]^[38]^ another would bar new taxes from circumventing rules on education spending requirements for tax revenue,^[66]^[64]^ and a third would invalidate the tax by amending the state constitution to forbid retroactive taxation.^[64]^[67]^ The latter two measures—known as Proposition 41 and Proposition 42, respectively—qualified for the November ballot.^[16]^ By August 2026, Building a Better California had raised $118 million, with Sergey Brin contributing $102 million to the organization.^[68]^[69]^

In June 2026, a number of progressive organizations^[70]^[71]^ and labor unions announced their opposition to the billionaire tax.^[72]^[73]^[74]^ In a joint statement, Planned Parenthood and the California Medical Association criticized the wealth tax's ambiguity and described it as a "flawed response" to health care cuts,^[72]^ while the California Teachers Association stated that the billionaire tax "will not provide the sustainable and long-lasting funding that our schools and communities deserve".^[74]^ That same month, several California housing advocacy groups—including California YIMBY—opposed the tax, fearing that it would discourage investment and worsen the state's housing shortage.^[75]^

Other reactions

Nvidia CEO Jensen Huang, who would have to pay roughly $8 billion if the measure passed, stated he was "perfectly fine with it" and had "not thought about it once" when asked if he was concerned about the tax. He added that he and others "chose to live in Silicon Valley, and whatever taxes they would like to apply, so be it".^[76]^[77]^ The League of Women Voters of California took a neutral position on Proposition 40, stating that while the measure addresses "urgent needs", its one-time structure "conflicts with sound public finance principles and risks long-term revenue loss".^[78]^

Endorsements

Support

Executive branch officials

Robert Reich, former secretary of labor (1993–1997) (D)[39]

U.S. senators

Chris Murphy, Connecticut (2013–present) (D)[79]

Bernie Sanders, Vermont (2007–present) (I)[42]

U.S. representatives

Judy Chu, CA-28 (2009–present) (D)[80]

Ro Khanna, CA-17 (2017–present) (D)[42]

Statewide officials

Tony Thurmond, superintendent of public instruction of California (2019–present) (D)[44]

State legislators

Alex Lee, AD-24 (2020–present) (D)[81]

Lola Smallwood-Cuevas, SD-28 (2022–present) (D)[82] (endorsement rescinded)[82]

Local officials

Connie Chan, San Francisco supervisor from the 1st district (2021–present) (D)[83]

Jane Kim, former San Francisco supervisor from the 6th district (2011–2019) (D)[84]

Mai Vang, Sacramento city councilmember from the 8th district (2020–present) (D)[85]

Individuals

Saikat Chakrabarti, political advisor (D)[83]

David Gamage, professor (initiative's co-author)[86]

Michael Hiltzik, columnist[87]

Thomas Piketty, economist[86]

Emmanuel Saez, professor (initiative's co-author)[88][39]

Tom Steyer, businessman (D)[42]

Gabriel Zucman, economist[88]

Labor unions

AFSCME California[89]

American Federation of Teachers Local 1521[90]

California Labor Federation[91] (previously declined to endorse)[92]

California Nurses Association[93]

Committee of Interns and Residents[94]

National Union of Healthcare Workers[95]

SEIU United Healthcare Workers West[96]

Teamsters California[97]

UNITE HERE Locals 11 and 30[98]

Organizations

350 Bay Area[99]

50501 Los Angeles[100]

Alice B. Toklas LGBTQ Democratic Club[101]

California Democratic Socialists of America[102]

California League of United Latin American Citizens[103]

California Young Democrats[104]

Color of Change[98]

Our Revolution[105]

Oxfam America[98]

Patriotic Millionaires[106]

Stonewall Young Democrats[107]

Voters of Tomorrow California[108]

Political parties

California Communist Party USA[109]

California Democratic Party[45]

California Working Families Party[110]

Green Party of California[111]

Los Angeles County Democratic Party[90]

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Oppose

Executive branch officials

Xavier Becerra, former secretary of health and human services (2021–2025) (D)[57]

David R. Henderson, former member of the Council of Economic Advisers (1982–1984)[112]

David Sacks, co-chair of the President's Council of Advisors on Science and Technology (2025–present) (R)[113]

U.S. representatives

Kevin Kiley, CA-03 (2023–present) (I)[38][a]

Sam Liccardo, CA-16 (2025–present) (D)[115]

Katie Porter, former CA-47 (2019–2025) (D)[42]

Statewide officials

Josh Fryday, chief service officer of California (2019–present) (D)[116]

Eleni Kounalakis, lieutenant governor of California (2019–present) (D)[44]

Fiona Ma, treasurer of California (2019–present) (D)[116]

Gavin Newsom, governor of California (2019–present) (D)[42]

State legislators

Patrick Ahrens, AD-26 (2024–present) (D)[117]

Anamarie Avila Farias, AD-15 (2024–present) (D)[117]

Ian Calderon, former assembly majority leader (2016–2020) from AD-57 (2012–2020) (D)[57]

Lisa Calderon, AD-56 (2020–present) (D)[117]

Carl DeMaio, AD-75 (2024–present) (R)[118]

John Harabedian, AD-41 (2024–present) (D)[117]

Robert Hertzberg, former senate majority leader (2019–2022) from SD-18 (2014–2022) (D)[119]

Jacqui Irwin, AD-42 (2014–present) (D)[117]

Stephanie Nguyen, AD-10 (2022–present) (D)[117]

Blanca Pacheco, AD-64 (2022–present) (D)[117]

Michelle Rodriguez, AD-53 (2024–present) (D)[117]

Gloria Romero, former senate majority leader (2005–2008) from SD-24 (2001–2010) (R)[116][b]

Catherine Stefani, AD-19 (2024–present) (D)[117]

Scott Wiener, SD-11 (2016–present) (D)[121] (previously declined to endorse)[92]

Local officials

Chad Bianco, sheriff-coroner of Riverside County (2019–present) (R)[58]

Matt Dorsey, San Francisco supervisor from the 6th district (2022–present) (D)[122]

Daniel Lurie, mayor of San Francisco (2025–present) (D)[123]

Matt Mahan, mayor of San Jose (2023–present) (D)[42]

Michael Tubbs, former mayor of Stockton (2017–2021) (D)[116]

Antonio Villaraigosa, former mayor of Los Angeles (2005–2013) (D)[42]

Individuals

Bill Ackman, hedge fund manager[124]

E.J. Antoni, economist[125]

Gustavo Arellano, Los Angeles Times columnist[126]

Brian Armstrong, CEO of Coinbase[127]

Bruce Bialosky, columnist[128]

Sergey Brin, co-founder of Google[129]

Rick Caruso, founder of Caruso (D)[23]

Ron Conway, venture capitalist (D)[130]

Mark Cuban, businessman (I)[124]

Ray Dalio, investor (I)[131]

John Doerr, investor (D)[132]

Andy Fang, co-founder of DoorDash[86]

Steve Forbes, chairman of Forbes (R)[133]

Rene Haas, CEO of Arm Holdings[134]

Magnus Henrekson, economist[135]

Steve Hilton, former director of strategy to the prime minister of the United Kingdom (2010–2012) (R)[58]

Reid Hoffman, co-founder of LinkedIn[136]

Vinod Khosla, venture capitalist[137]

Arthur Laffer, economist[138]

Chris Larsen, business executive[139]

Palmer Luckey, co-founder of Anduril Industries[86]

Michael Moritz, venture capitalist[132]

Dan Newman, political consultant[86]

Timothy Noah, journalist[140]

Kevin O'Leary, businessman[141]

Larry Page, co-founder of Google[140]

Chamath Palihapitiya, entrepreneur (R)[142]

Joel Pollak, California Post opinion editor (R)[143]

Jesse Powell, co-founder of Kraken[142]

Joshua D. Rauh, economist[144]

Douglas Schoen, political consultant and commentator[145]

Garry Tan, venture capitalist (D)[146]

Peter Thiel, co-founder of PayPal and Palantir (R)[147]

Mauricio Umansky, realtor and TV personality[148]

George Will, writer (I)[149]

Labor unions

Building and Construction Trades Council of California[72]

California Police Chiefs Association[150]

California Professional Firefighters[151]

California State Council of Laborers[150]

California Teachers Association[73]

United Domestic Workers[150]

Organizations

Association of California School Administrators[150]

Bay Area Council[152]

California Chamber of Commerce[153]

California Children's Hospital Association[154]

California Hospital Association[155]

California Medical Association[72]

National Association for the Advancement of Colored People California Hawaii State Conference[127]

California School Boards Association[14]

California Society of Certified Public Accountants[156]

California State Sheriffs Association[151]

California Taxpayers Association[103]

California YIMBY[75]

Cato Institute[157]

Equality California[127]

GrowSF[158]

Howard Jarvis Taxpayers Association[159]

Planned Parenthood Affiliates of California[72]

Reform California[102]

United Health Centers of San Joaquin Valley[160]

Political parties

California Republican Party[161]

San Francisco Democratic Party[122]

Newspapers

California Post[162]

Daily Breeze[163]

Inland Valley Daily Bulletin[164]

La Opinión[165]

Los Angeles Daily News[166]

Los Angeles Times[62]

National Review[167]

Orange County Register[168]

Pasadena Star-News[169]

Press-Telegram[170]

Redlands Daily Facts[171]

San Gabriel Valley Tribune[172]

The Bakersfield Californian[173]

The Hemet & San Jacinto Chronicle[174]

The Press-Enterprise[175]

The San Bernardino Sun[176]

The San Diego Union-Tribune[177]

The Wall Street Journal[60]

The Washington Post[61]

Whittier Daily News[178]

Neutral/declined to endorse

U.S. senators

Elizabeth Warren, Massachusetts (2013–present) (D)[179]

Labor unions

Service Employees International Union California[180]

Organizations

League of Women Voters of California[78]

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ol ads growus

OFFICIAL TOP FUNDERS. Valid only for September 2025 LIMITS ABILITY OF VOTERS TO RAISE REVENUES FOR LOCAL GOVERNMENT SERVICES. INITIATIVE CONSTITUTIONAL AMENDMENT. Petition circulation paid for by Protect Prop. 13, a project of the Howard Jarvis Taxpayers Association Latest Official Top Funders: https://www.sos.ca.gov/elections/ballotmeasures/initiative-and-referendum-status/official-top-funders

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What happened after New York raised taxes on the rich

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FORTUNE MAG

Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax—but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul.

Billionaires are backing a fight

Billionaires in and outside of California are working to fight the tax, which has been a harbinger for more wealth taxes across the country.

Brin donated $20 million to a group called Building a Better California that is giving out $15 to people who sign their three countermeasures. The group’s proposals would prevent retroactive taxes and narrow the definition of California residency to fight against the 2026 Billionaire Tax Act’s application to anyone who lived in the state as of Jan. 1, 2026.

Two billionaire-backed political action committees, Stop the Squeeze and Golden State Promise, have launched to stop the proposal.

Chicago-based venture capitalist Daniel Tierney donated $200,000 to Stop the Squeeze, and crypto billionaire Chris Larsen is backing Golden State Promise, the *New York Times* reported.

Since the California initiative was announced, other states have proposed higher taxes on their high-earning residents. In January, Rhode Island Gov. Dan McKee backed a 3% tax increase on millionaires. Last week, Washington, which is one of nine states without an income tax, passed a 9.9% tax on personal income above $1 million per year.

“We’ve got more millionaires and billionaires than we’ve ever had, and they’re paying, effectively, a 4% tax rate,” Rep. Brianna Thomas, of Seattle, a Democrat who supported the measure, previously told Fortune. “Meanwhile, you got working folks paying 11% of their income, and the lowest-income people paying 14%. Isn’t it unfair for those who have the most, to pay the least, and those who have the least to pay, the most, proportionally?”

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Wikipedia

https://en.wikipedia.org › wiki › 2026_California_Proposition_40

2026 California Proposition 40 - Wikipedia

Proposition 40, also known as the California billionaire tax or California wealth tax, is a combined initiated constitutional amendment and state statute that will appear on the November 3, 2026, ballot in the state of California. If approved by voters, the state's billionaires would pay a one-time 5 percent tax on their accumulated wealth.

Common Dreams

https://www.commondreams.org › news › billionaire-ads-wealth-tax

Billionaire-Backed Groups Launch Ad Blitz Against California Wealth Tax ...

Aug 25, 2026Google co-founder Sergey Brin and venture capitalist Peter Thiel are among the billionaires bankrolling ads against a proposed one-time tax on the we