# California Voters Back Billionaire Tax

> California voters support billionaire tax but it lacks majority approval.
- Title: California Voters Back Billionaire Tax · NBC News | Shortify
- Summary: California voters support billionaire tax but it lacks majority approval. A California ballot measure imposing a 5% wealth tax on net worth over $1.1 billion…
- Keywords: california, billionaire tax, proposition 40, wealth tax, net worth, healthcare funding, democratic leaders, gavin newsom, xavier becerra, ro khanna, tom steyer, cost of living
- Source: NBC News — https://nbcnews.com/politics/2026-election/california-poll-voters-back-billionaire-tax-proposal-falls-short-major-rcna600354
- Author: Adam Edelman
- Published: 2026-09-30T10:00:40+00:00
- Read time: 2 min
- Topics: california, billionaire tax, proposition 40, wealth tax, net worth, healthcare funding, democratic leaders, gavin newsom, xavier becerra, ro khanna, tom steyer, cost of living
## California Poll Finds Support
A plurality of likely California voters support a proposal on the state’s November ballot that would impose a one-time wealth tax on the richest Californians.
## Support and Opposition Split
48% said they would vote 'yes' on the proposal, while 38% said they would vote 'no' and 14% were undecided.
## Poll Margin of Error
The 10-point lead for 'yes' is outside the poll’s margin of error of plus or minus 4 percentage points.
## Hispanic Voters Split
50% of Hispanic likely voters said they’d vote 'yes,' 40% said 'no,' and 10% were undecided.
## Billionaire Tax Details
The measure would tax assets of Californians with net worths exceeding $1.1 billion at 5% and spend 90% of revenue on healthcare.
## Retroactive Tax Application
The tax would apply retroactively to anyone living in the state as of January 1, 2026.
## Wealth Gap Context
The proposal comes amid growing wealth gaps nationwide and rising ill feelings toward the ultra-wealthy in 2026 midterm elections.
## National Tax Support
In a national NBC News poll, raising taxes on billionaires was the most popular candidate attribute out of 15 tested.
## Democratic Division
Prominent Democratic leaders like Rep. Ro Khanna and Tom Steyer support the tax to close income inequality gaps and address state budget shortfalls.
## Opposition from Leaders
Governor Gavin Newsom and Democratic candidate Xavier Becerra oppose the tax, arguing it would drive wealthy investors and tech leaders from the state.
## Union Opposition
Service Employees International Union-United Healthcare Workers West and other unions oppose the tax’s focus on healthcare funding over education and food assistance.
## Voter Concerns About Wealth Flight
59% of respondents said they were not too concerned about wealthy california residents leaving the state due to the tax.
## Newsom Job Approval
45% of respondents approved of Governor Newsom’s job performance, while 46% disapproved and 9% were undecided.
## Newsom 2028 Bid Support
66% of Democratic respondents said they would vote for Newsom if he ran for the Democratic presidential nomination in 2028.
## Proposition 39 Support
49% of likely voters support Proposition 39 requiring government-issued ID for in-person voting and last four digits for mail-in ballots.
## Key takeaway

A California ballot measure imposing a 5% wealth tax on net worth over $1.1 billion faces narrow support with 48% backing it, while 38% oppose and 14% are undecided.