California’s Billionaire Tax (and the Efforts to Nullify It)

This November, Californians will vote on Proposition 40, a measure that would impose a one-time 5% tax on those whose net worth exceeded $1 billion at the beginning of 2026. While advocates argue it is time for the ultrawealthy to pay a larger share of taxes, opponents argue that Prop. 40 could drive billionaires out of the state and decrease future tax revenue. In this hour we’ll speak with KQED’s political correspondents about Prop. 40 — and the efforts to nullify it through propositions 41 and 42.

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