{"id":104793,"date":"2026-10-18T13:34:14","date_gmt":"2026-10-18T13:34:14","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/californias-proposed-billionaire-tax-how-does-it-add-up\/"},"modified":"2026-10-18T13:34:14","modified_gmt":"2026-10-18T13:34:14","slug":"californias-proposed-billionaire-tax-how-does-it-add-up","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/californias-proposed-billionaire-tax-how-does-it-add-up\/","title":{"rendered":"California&#8217;s proposed billionaire tax: How does it add up?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div id=\"\">\n<p><em>When California voters head to the polls next month, they&#8217;ll be asked whether to adopt a new proposal that calls for billionaires to be taxed like never before.<\/em> <em>Jo Ling Kent shares what Proposition 40 is all about:\u00a0<\/em><\/p>\n<hr\/>\n<p>&#8220;There&#8217;s never been a proposal like this anywhere in the world, so it&#8217;s a novel idea,&#8221; said <a href=\"https:\/\/www.seiu-uhw.org\/biography-seiu-uhw-president-dave-regan\/\" target=\"_blank\" rel=\"noopener\">healthcare workers union leader Dave Regan<\/a>. &#8220;We are facing an emergency.&#8221;<\/p>\n<p>An emergency that began, according to Regan, with President Trump&#8217;s so-called &#8220;One Big Beautiful Bill,&#8221; which includes cuts targeting federal funds to Medicaid over the next few years. <\/p>\n<p>&#8220;What we&#8217;re trying to do is restore $100 billion worth of health care cuts,&#8221; Regan said. &#8220;Three-and-a-half million people lose health insurance. Hospitals, clinics, and emergency rooms will close.&#8221; They could also cost jobs in Regan&#8217;s own union, SEIU United Healthcare Workers West. <\/p>\n<p>So, to bridge the gap, Regan and the union led a petition drive to put on the November ballot a one-time, 5% state tax on the net worth of California&#8217;s 200 or so billionaires, known as <a href=\"https:\/\/calmatters.org\/california-voter-guide-2026\/proposition-40-billionaire-tax\/\" target=\"_blank\" rel=\"noopener\">Proposition 40<\/a>.<\/p>\n<p>How confident is Regan that it will pass? &#8220;Pretty confident,&#8221; he replied. <\/p>\n<p>Regan&#8217;s tactics are controversial. His behavior? Under scrutiny. But if the wealth tax passes, he expects the state will collect $100 billion over five years, with 90% specifically earmarked for healthcare.<\/p>\n<p>&#8220;We&#8217;re not trying to pretend that it&#8217;s a permanent solution,&#8221; Regan said, &#8220;but a five-year solution is better than no solution. And that gives the state of California an opportunity to figure out what&#8217;s the right <em>permanent<\/em> solution.&#8221;<\/p>\n<p>Asked if a five-year tax is a solution, Regan replied, &#8220;Absolutely. Ask the three-and-a-half million people who are going to lose healthcare coverage.&#8221;<\/p>\n<h2>Competing Propositions<\/h2>\n<p>Since the wealth tax was proposed, some billionaires have left California, including venture capitalist Peter Thiel, and Google co-founders Larry Page and Sergey Brin. Brin is spending more than $100 million to oppose the measure.<\/p>\n<p>And California being California, there are two other opposition-backed proposals on the ballot, Propositions <a href=\"https:\/\/calmatters.org\/california-voter-guide-2026\/proposition-41-tax-audits\/\" target=\"_blank\" rel=\"noopener\">41<\/a> and <a href=\"https:\/\/calmatters.org\/california-voter-guide-2026\/proposition-42-property-taxes\/\" target=\"_blank\" rel=\"noopener\">42<\/a>. If either one receives more votes than Prop 40, that effectively nullifies the wealth tax.<\/p>\n<p>And the billionaires have some strange bedfellows: several other major unions and big-name Democrats agree with them on voting no, including California Governor Gavin Newsom (who calls Prop 40 &#8220;a flawed initiative&#8221;), and former Democratic Congresswoman <a href=\"https:\/\/www.law.uci.edu\/faculty\/full-time\/porter\/\" target=\"_blank\" rel=\"noopener\">Katie Porter<\/a>.<\/p>\n<p>&#8220;I generally, as a progressive, have fought to make sure that the ultra-wealthy pay more,&#8221; Porter said. &#8220;But this tax doesn&#8217;t do that correctly, causing these people to pick up and to leave. We want billionaires to create jobs here, to start companies here. \u2026<\/p>\n<p>&#8220;You don&#8217;t get a second bite at tax policy,&#8221; she continued. &#8220;A tax that you pass has enduring consequences. When somebody leaves California, we can no longer tax them. That is a permanent problem. It is much harder to get tax base back than it is to grow it in the first place.&#8221; <\/p>\n<p>Here&#8217;s where taxes get complicated: billionaires can pay a lot in income, property and capital gains taxes. But most of their wealth is typically growing in stocks, which aren&#8217;t taxed until they sell. <\/p>\n<p>&#8220;It&#8217;s a system in which essentially the richest Americans have been written out of the tax system, much like the aristocracy of pre-revolutionary France,&#8221; said <a href=\"https:\/\/www.bc.edu\/bc-web\/schools\/law\/academics-faculty\/faculty-directory\/ray-madoff.html\" target=\"_blank\" rel=\"noopener\">Ray Madoff<\/a>, a professor at Boston College Law. &#8220;People who have enough money to live on their investments and inheritances legally don&#8217;t have to pay any taxes.&#8221;<\/p>\n<p>Madoff says Prop 40 spotlights a &#8220;deeply broken&#8221; tax system, and believes it can be beneficial. &#8220;My feelings about Prop 40 are that meaningful change has to happen at the federal level,&#8221; she said. &#8220;And I think that to the extent Prop 40 creates an incentive for meaningful change to take effect on the federal level, then I&#8217;d say it would be helpful. On its own, it obviously can&#8217;t do anything; it&#8217;s just patching a temporary hole, right? But I think that there is a certain amount of symbolic value of Prop 40.&#8221;<\/p>\n<h2>&#8220;California is America&#8217;s coming attraction&#8221;<\/h2>\n<p>As for how this turns out, the polls are tightening, with voters now more divided. A &#8220;Yes&#8221; voter told us, &#8220;To me, it&#8217;s bigger than Prop 40. It&#8217;s a fight back against the Trump administration.&#8221;<\/p>\n<p>A &#8220;No&#8221; voter said, &#8220;We really are concerned about people leaving the state.&#8221; <\/p>\n<p>No billionaires contacted by &#8220;Sunday Morning&#8221; wanted to talk to us about Prop 40 \u2026 except for one. &#8220;I don&#8217;t mind paying taxes; the more you make, the more taxes you pay, so I&#8217;m okay with that,&#8221; said <a href=\"https:\/\/www.nvidia.com\/en-us\/about-nvidia\/board-of-directors\/jensen-huang\/\" target=\"_blank\" rel=\"noopener\">Jensen Huang<\/a>, the founder and CEO of the American chipmaker Nvidia, headquartered in Silicon Valley. &#8220;I don&#8217;t like tax dollars wasted. But I also support all that this country represents.&#8221;<\/p>\n<p>Huang&#8217;s first job was as a dishwasher at Denny&#8217;s. Today, Forbes lists his net worth at about $200 billion, making him the seventh richest person in the world.<\/p>\n<p>&#8220;I am the ultimate American dream,&#8221; Huang said. &#8220;If not for this country, the education, the ability to create a new company, pursue your dreams, I wouldn&#8217;t have met all the people that made Nvidia possible. I love this country in every possible way. And it&#8217;s not perfect, but it&#8217;s incredible.&#8221;<\/p>\n<p><em>Even if you end up paying perhaps $8 billion over five years?<\/em> &#8220;The fact that I can afford to pay $8 billion in taxes over five years is a privilege,&#8221; Huang replied. &#8220;I&#8217;m not afraid of paying taxes. I&#8217;m just afraid of being poor.&#8221;<\/p>\n<p>Whether you&#8217;re poor or rich, for or against the billionaire tax, its architect, Dave Regan, is already looking beyond November \u2013 and beyond California. &#8220;Other states around the country are going to start looking to follow California&#8217;s lead, just like it&#8217;s happened so many times in the past,&#8221; he said. &#8220;California is America&#8217;s coming attraction, and this is coming to a state near you after we pass it on November 3.&#8221; <\/p>\n<p><em>\u00a0 \u00a0 \u00a0<br \/>Story produced by Dustin Stephens. Editor: Emanuele Secci.\u00a0<\/em><\/p>\n<section class=\"content__body--footer\">\n<\/section>\n<p>  <!-- data-recirc-source=\"chartbeat\" --><\/p>\n<aside class=\"component list recirculation component--type-recirculation  component--type-recirculation-collection\">\n<\/aside>\n<section class=\"content__body--footer\">\n      <!-- tags --><\/p>\n<section class=\"content__tags\">\n<p class=\"content__tags__label\">In:<\/p>\n<\/section>\n<\/section><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.cbsnews.com\/news\/proposition-40-californias-proposed-billionaire-tax-how-does-it-add-up\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When California voters head to the polls next month, they&#8217;ll be asked whether to adopt a new proposal that calls<\/p>\n","protected":false},"author":1,"featured_media":104794,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[283,246],"class_list":["post-104793","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money-watch","tag-california","tag-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>California&#039;s proposed billionaire tax: How does it add up? - World News<\/title>\n<meta name=\"description\" content=\"California voters will decide whether to adopt Proposition 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