Billionaires Have Tricks To Avoid Paying Their Fair Share Of Taxes. This Ballot Measure Would Change The Game.
Source: Yahoo News
Published on: 2026-10-21 12:12
Californians are set to vote on a ballot measure that could mark a tipping point in the fight to tax the ultra-wealthy. Proposition 40, known colloquially as the billionaire tax, would impose a one-time 5% levy on the assets of the roughly 250 billionaires who are California residents. It would be the first U.S. wealth tax aimed expressly at billionaires, setting a new benchmark for other states and potentially boosting efforts to pass similar legislation at the federal level. "If the California billionaire tax passes, it is a historical turnaround showing that democracy can finally fight back against the growing wealth and power of billionaires," Emmanuel Saez, a UC Berkeley economist who helped draft the tax plan, told HuffPost in an email. Supporters of the proposal, championed by the SEIU-United Healthcare Workers West union, estimate it would raise $103 billion in revenue to offs...
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