California Proposes First-of-Its-Kind Wealth Tax on Billionaires
1 report, 1 independent
Updated Sat 00:00
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What happened
Robert Reich and Emmanuel Saez announced Proposition 40, also called the Billionaire Tax Act, on October 17, 2026. This ballot measure proposes a one-time 5 percent tax on the total net wealth of each state billionaire in California. The measure aims to generate revenue to backfill federal funding cuts to health care, education, and food assistance programs.
From truthout.org
Why it matters
The tax is described as the first wealth tax in the U.S. and the world specifically targeting billionaires. Experts suggest that Proposition 40 is a historic measure that could set a new standard for taxes demanded via ballot initiative.
From truthout.org
Who's involved
- Robert ReichJointly announced the wealth tax measure
- Emmanuel SaezJointly announced the wealth tax measure
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The entities involved
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Robert Reich
American political economist (1946–)
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Emmanuel Saez
French-American economist (born 1972)