California billionaire wealth tax proposal
The gist
California voters decide Nov 3 on Proposition 40, a wealth tax on billionaires that polls show trailing.
Opponents have spent over $300 million; the outcome could shape national wealth-tax efforts.
How it unfolded
- Jan 1, 2026The tax would apply retroactively to anyone who was a California resident on this date.
- Feb 18, 2026Sen. Bernie Sanders led a rally at The Wiltern in Los Angeles for the campaign kickoff of the California Billionaire Tax Act; Rep. Kevin Kiley introduced a bill to fight the wealth tax.
- Apr 27, 2026Healthcare workers and supporters with the Billionaire Tax Now coalition held a media briefing in Los Angeles.