Business / NEWS UPDATE
Are California voters about to impose 'world's first' tax on billionaires?
Published · 1 min read
California voters are considering Proposition 40, which would impose a one-time 5% tax on the net worth of billionaires to fund healthcare improvements.
Backed by some billionaires, the measure faces opposition from others who fear it could drive wealthy individuals out of the state. If approved, the tax would apply to those with at least $1 billion in net worth as of January 1, 2026, and could raise $100 billion.