# Wealth Tax Debate in California

> California voters face wealth tax vote amid billionaire opposition.
- Title: Wealth Tax Debate in California · TIME | Shortify
- Summary: California voters face wealth tax vote amid billionaire opposition. California's Proposition 40 would tax fortunes over $1 billion but experts say…
- Keywords: california, proposition 40, wealth tax, silicon valley, billionaires, tax revenue, medicaid, public research, space exploration, falcon 9, dragon capsule, tesla
- Source: TIME — https://time.com/article/2026/10/29/taxing-wealth-makes-sense-but-it-won-t-fix-our-economy
- Author: Mariana Mazzucato
- Published: 2026-10-29T18:43:38.202+00:00
- Read time: 1 min
- Topics: california, proposition 40, wealth tax, silicon valley, billionaires, tax revenue, medicaid, public research, space exploration, falcon 9, dragon capsule, tesla
## California Wealth Tax Vote
Californians vote on Proposition 40 to tax fortunes over $1 billion.
## Billionaire Opposition
Silicon Valley billionaires spent $333 million against Proposition 40.
## Historical Tax Context
The U.S. income tax was struck down as unconstitutional in 1895.
## Wealth Tax Critique
Wealth tax collects value long after it was created and defended.
## Public Research Origins
iPhone technologies came from publicly funded research.
## SpaceX and Public Funding
SpaceX used $396 million from NASA to develop Falcon 9 and Dragon capsule.
## Billionaire Political Spending
Musk spent $366 million supporting Republican causes.
## Brologarchy Concept
Tech billionaires profit from public research through algorithmic rents.
## Solyndra and Tesla Loan Cases
Solyndra collapsed after $500 million loan while Tesla repaid $465 million loan early.
## Key takeaway

California's Proposition 40 would tax fortunes over $1 billion but experts say pre-distribution reforms could better address economic inequality.