California Democrats Ignore Newsom, Endorse Billionaire Tax Measure
The measure won 61.7% support after a second vote, with backers citing $100 billion for healthcare and other programs.
- On Sunday, the California Democratic Party formally endorsed Proposition 40, a ballot measure imposing a one-time 5% wealth tax on the state's roughly 200 billionaires to fund healthcare, education, and food assistance.
- The Service Employees International Union-United Healthcare Workers West spearheaded the proposal, arguing it would generate roughly $100 billion to offset healthcare funding cuts from President Donald Trump's One Big Beautiful Bill Act.
- Members of the party's executive board reconsidered an initial failed vote at a weekend meeting in San Diego, ultimately passing the endorsement with roughly 61.7% support.
- Prominent Democrats, including Governor Gavin Newsom and Xavier Becerra, oppose the measure, arguing it would encourage wealthy residents to leave California and harm the state's economic stability.
- Voters will decide the proposal's fate in November, facing opposition from the California Teachers Association and California Medical Association, which warn the tax could trigger unintended economic consequences.
30 Articles
30 Articles
Commentary: What gets me so angry about California's proposed billionaire tax
What Prop. 40 supporters don't get is that you can only smack a goose so much to give more until it bites back, which is what California billionaires are increasingly doing by throwing their cash around to defeat any political candidate exuding a whiff of progressivism.
Palo Alto Online
California Democrats defy Newsom, back billionaire tax
California Gov. Gavin Newsom, a Democrat, opposes the billionaire tax on voters’ ballots this November. So does Xavier Becerra, the Democratic gubernatorial candidate widely favored to succeed him. That didn’t stop the state Democratic Party from narrowly endorsing it.
Prop 40: Despite Newsom's opposition, CA Democrats endorse billionaire tax measure
Supporters say Prop. 40 would apply only to Californians with a net worth that exceeds $1 billion. According to the campaign, the tax could generate about $100 billion and would be paid by roughly 200 billionaires.
How wealth tax backers won over California Democrats
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