# The Battle to Pass a Billionaire Tax

> California voters will decide if a billionaire wealth tax passes in November 2026.
- Title: The Battle to Pass a Billionaire Tax · The New Yorker
- Summary: California voters will decide if a billionaire wealth tax passes in November 2026. california, proposition 40, wealth tax · reported by The New Yorker.
- Keywords: california, proposition 40, wealth tax, billionaire, silicon valley, tax, democratic party, prop 40, billionaire tax, wealth tax initiative, california ballot initiative, billionaire tax proposal
- Source: The New Yorker — https://newyorker.com/magazine/2026/10/12/the-battle-to-pass-a-billionaire-tax
- Author: Nicholas Lemann
- Published: 2026-10-04T10:00:00+00:00
- Read time: 1 min
- Topics: california, proposition 40, wealth tax, billionaire, silicon valley, tax, democratic party, prop 40, billionaire tax, wealth tax initiative, california ballot initiative, billionaire tax proposal
## 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.
## Key takeaway

California voters will decide if a billionaire wealth tax passes in November 2026.