From The New Yorker · Nicholas Lemann · · 2m
The Battle to Pass a Billionaire Tax
California voters will decide if a billionaire wealth tax passes in November 2026.
In brief
California voters will decide if a billionaire wealth tax passes in November 2026. California voters will decide if a billionaire wealth tax passes in November 2026. Originally reported by The New Yorker.
Silicon Valley's Political Shift
Silicon Valley once supported Democratic leaders but now faces high-stress work and unaffordability.
Proposition 40 Overview
California voters will vote on a one-time five-per-cent wealth tax on billionaires in November 2026.
Wealth Tax Impact
The tax would generate up to one hundred billion dollars for California health care after Trump's Medicaid cuts.
Billionaire Opposition
Billionaires like Peter Thiel and Mark Zuckerberg warn of leaving California if Proposition 40 passes.
Political Backlash
Most Democratic officials oppose Proposition 40, fearing tech donors will withdraw support.
Dave Regan's Role
Dave Regan, a labor leader, spearheaded Proposition 40 after seeing tech billionaires' influence.
Proposition 40 Campaign
Regan's campaign has gathered signatures but faces opposition from billionaires and unions.
Billionaire Response
Billionaires formed groups like Build a Better California to oppose Proposition 40.
Proposition 41 and 42
Propositions 41 and 42 aim to nullify Proposition 40 if passed, with billions in funding.
Legal Challenges
Billionaires may challenge Proposition 40's tax valuation and retroactive application in court.
Political Implications
Proposition 40 could reshape Democratic Party strategy for 2028 presidential race.
Billionaire Tax Debate
Billionaires argue wealth taxes will drive them out of California, hurting state revenue.
California's Political Climate
California's political landscape is shifting as billionaires and unions clash over tax policies.
Proposition 40's Future
Proposition 40 faces a high-stakes vote in November 2026 with significant political and financial stakes.
Billionaire Influence
Billionaires have significant influence over California politics through donations and lobbying.
Proposition 40's Outcome
Proposition 40 could pass or fail, with major implications for California and national politics.
The bottom line
California voters will decide if a billionaire wealth tax passes in November 2026.
