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California Voters to Decide on Proposition 40 Tax on Billionaires' Wealth
What happened
California voters face a ballot measure, Proposition 40, that would impose a one-time 5% tax on billionaires' wealth. Polls show voters divided on the measure, with support ranging from the mid-40s to high-40s percent. Tech billionaires and other wealthy residents have spent hundreds of millions opposing the measure, while supporters including Bernie Sanders and Ro Khanna have campaigned for it.
Side by side
Left outlets frame the vote as a battle between "the working class" and "oligarchs" or "the ultra-rich," emphasizing that tech billionaires are "spending one million dollars a day" to defeat the tax. They present the measure as an opportunity for California to "lead the way" on taxing wealth rather than just income.
- GUWe must tax the wealth of billionaires, not just income. California can lead the way | Ro KhannaThe Guardian · Left
- GUThe ultra-rich are spending one million dollars a day fighting California’s proposed billionaire taxThe Guardian · Left
- TNYThe Reporter Nicholas Lemann on California’s Battle to Pass a Billionaire TaxThe New Yorker · Left
- GUMillionaire tax no more? Rightwing groups lead effort to repeal Washington state lawThe Guardian · Left
- TNYThe Battle to Pass a Billionaire TaxThe New Yorker · Left
- PTCPoll: Voters see Republicans as the party of Big Tech tax breaksPolitico · Lean Left
- CBSCalifornia billionaire tax could backfire, Stanford study saysCBS News · Lean Left
- CBSCalifornia's proposed billionaire tax: How does it add up?CBS News · Lean Left
- CBSCalifornia's Proposition 40: A tax on billionairesCBS News · Lean Left
- NYTInside California’s Battle With the Ultra Rich Over a Billionaire TaxThe New York Times · Lean Left
- ABCTop Democrats join the wealthiest in fighting a California tax increase on billionairesABC News · Lean Left
- ABCTop Democrats battle over California's proposed billionaire taxABC News · Lean Left
- NBCA California showdown with national implications: From the Politics DeskNBC News · Lean Left
- NBCCalifornia voters back a billionaire tax, but the proposal falls short of majority supportNBC News · Lean Left
- NYTWashington Taxed Its Millionaires. Now the Rich Want It Repealed.The New York Times · Lean Left
Center outlets focus on polling numbers, economic analysis, and procedural complications, noting that the measure "could pass and still fail" due to competing ballot initiatives. They highlight studies suggesting the tax "could cost the state $39 billion" as wealthy residents leave, presenting both sides' economic arguments.
- RSNFrance Is a Warning to California's Tax-the-Rich CrowdReason · Center
- BLMZuckerberg Weighs Leaving California If Billionaire Tax PassesBloomberg · Center
- FBSEverything You Need To Know About The California Billionaire Tax VoteForbes · Center
- RSNCalifornia's 'Wealth Tax' Could Cost the State $39 BillionReason · Center
- MWIt’s not just California’s billionaire tax. Wealth is on the ballot in the midterm elections.MarketWatch · Center
- FBSSpending Against California’s Billionaire Tax Tops $1 Million Per Day—And It's WorkingForbes · Center
- NWCalifornia Billionaire Tax Could Lose Even If Voters Approve ItNewsweek · Center
- HILNewsom backs California ballot measure that cancels out billionaire tax proposalThe Hill · Center
- FBSWhat Are The 3 Biggest Tax Issues On The 2026 Midterm Ballot?Forbes · Center
Right outlets describe the proposal as a "socialist" policy with a "French connection" that could lead to outcomes like "riots across the Atlantic." They emphasize an "unusual alliance" opposing it including "lefty Gov. Gavin Newsom" and highlight claims about "economic treachery" and warnings the tax would "destroy" California.
- WEXCalifornia billionaire tax could result in future revenue loss, study showsWashington Examiner · Lean Right
- RCPWe Must Tax Billionaires. California Can Lead the WayRealClearPolitics · Lean Right
- WEXIf California wealth tax passes, other blue states may adopt similar measuresWashington Examiner · Lean Right
- RCPThe Wealth Tax Stakes in CaliforniaRealClearPolitics · Lean Right
- WEXNewsom battles with California Democrats over billionaire tax proposalWashington Examiner · Lean Right
- WTTop Democrats and allies join the wealthiest to fight a California billionaire taxThe Washington Times · Lean Right
- FBNReagan economist warns billionaire tax would ‘destroy’ CaliforniaFox Business · Lean Right
- WEXLiberals hope California ballot measure will be the foot in the door for wealth taxesWashington Examiner · Lean Right
- FBNTop real estate mogul issues stark warning as California buyers say 'enough is enough' on taxesFox Business · Lean Right
- NYPCalifornia voters’ major shift on billionaire tax revealed in new pollNew York Post · Right
- DCEXCLUSIVE: California Voters Turn Against Core DSA Policy, Poll FindsThe Daily Caller · Right
- NYPMeet the California multimillionaires demanding the billionaire tax become lawNew York Post · Right
- NYPCalifornia billionaire tax faces spectacular collapse in bombshell new pollNew York Post · Right
- NYPCalifornia’s billionaire tax has a French connection –– and riots across the Atlantic offer a grim warningNew York Post · Right
- NYPBillionaires’ tax getting dry-run in California before socialists, AOC hits DCNew York Post · Right
- NYPCalifornia’s 14 ballot measures explained: From the good to the bad — and the uglyNew York Post · Right
- DWThe Economic Treachery Masquerading As California’s Fiscal PolicyThe Daily Wire · Right
- NYPKatie Porter rips apart California billionaire tax and reveals where the cash will actually goNew York Post · Right
- NYPEye-opening Gavin Newsom poll reveals ticking time bomb in his presidential prospectsNew York Post · Right
- NYPLife in LA just got more expensive — and the reason will shock youNew York Post · Right
- OANGoogle co-founder who stands to lose billions spends $100M to defeat proposed Calif. wealth taxOne America News · Right
- NMXWashington State's 9.9% Millionaire Tax Heads for VoteNewsmax · Right · link via Google News
- NYPBombshell new poll shows major shift in California wealth tax voteNew York Post · Right
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