We must tax the wealth of billionaires, not just income. California can lead the way | Ro Khanna
Summary
California voters are deciding on Proposition 40, a one-time 5% tax on the wealth of billionaires in the state. Supporters say the tax would raise about $100 billion, mainly for healthcare, while opponents, including some wealthy tech donors and Governor Gavin Newsom, have campaigned against it.Key Facts
- Proposition 40 would tax roughly 250 California billionaires at 5% on their wealth.
- These billionaires hold wealth equal to half of California’s economy.
- The tax could raise about $100 billion, with 90% of funds going to healthcare.
- Supporters include Senator Bernie Sanders and Representative Ro Khanna.
- Opponents include Governor Gavin Newsom and billionaires like Peter Thiel, Sergey Brin, and Elon Musk.
- Billionaires opposing Prop 40 have spent much more money to defeat it than supporters.
- Governor Newsom opposes Prop 40 but supports Proposition 42, which would ban future taxes on billionaire wealth.
- Khanna and Sanders have proposed a similar national tax called the Make Billionaires Pay Their Fair Share Act.
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