Study: Prop. 40 billionaire tax would lose California money

California's wealth tax could cost the state $39 billion

The Reason Roundtable discusses California's proposed wealth tax on billionaires, which a study suggests could cost billions of lost revenue.

California’s Proposition 40 would soak the rich and sink the state

Progressives are hoping California’s proposed wealth tax — a ballot initiative known as Proposition 40 — will be a launching pad for a nationwide push to tax the “super rich.” But fresh evidence suggests the policy is likely to backfire. A new paper published by the National Bureau of Economic Research finds that the proposed […]

Study: Prop. 40 billionaire tax would lose California money

Ben Jaros and Joshua Rauh estimate Prop. 40 would raise $30 billion but drive out enough billionaires to leave the state $39 billion poorer.

California Billionaires Have Cash Problem With Prop 40 Wealth Tax

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California Billionaire Tax: Could Proposition 40 Cost the State Billions? - Wall & Wire

California’s proposed billionaire wealth tax is facing fresh criticism after a study suggested that the measure could raise substantially less revenue than its supporters expect, while potentially reducing the state’s income-tax collections over time.Voters are scheduled to decide on Proposition 40 on November 3, 2026. The proposal would impose a one-time 5% tax on the assets of eligible billionaires. Supporters say it could generate around $100…