Why billionaires pay less tax than average Americans
The gist
Six Nobel-winning economists endorsed California's Proposition 40, a one-time 5% tax on billionaires.
The vote tests whether voters can raise taxes on billionaires paying near-zero rates.
How it unfolded
- Feb 18, 2026A campaign kickoff rally for the California Billionaire Tax Act was held at The Wiltern in Los Angeles.
- Aug 17, 2026California's elite lined up at least $156 million behind a campaign to kill Proposition 40, with Google co-founder Sergey Brin alone giving at least $102 million.
- Sep 19, 2026Six Nobel Prize-winning economists published a letter endorsing Proposition 40.