California voters will decide on a proposed billionaire wealth tax in November 2026. Proposition 40 would impose a one-time tax on the state’s richest residents, with supporters arguing it could raise billions for healthcare. Elon Musk, however, has warned that a wealth tax could eventually reach everyone.
According to The Guardian, Prop 40 would place a one-time 5% tax on the wealth of about 250 billionaires who live in California. Rep. Rohit Khanna, a Democrat from the state’s 17th district, makes the case in a Guardian op-ed. He says the tax would raise about $100bn, with 90% going to healthcare.
