California ballot proposal for billionaire tax faces broad political opposition

A ballot proposal in California seeking to tax billionaires next month has sparked strong opposition from an unusual group of opponents, the New York Post reported. Democratic Governor Gavin Newsom has joined with Republicans, Silicon Valley tech leaders, and Hollywood elites to oppose the measure. [1]

The measure, listed on the state ballot as Proposition 40, would impose a one-time five percent surtax on wealth, according to the New York Post. Supporters of the idea, including Senator Bernie Sanders and Representative Alexandria Ocasio-Cortez, hope to expand the tax concept nationally. [1]

California was admitted to the United States as the 31st state in 1850. The state economy reached a gross domestic product of 4.1 trillion dollars in 2025, driven by major industries including Silicon Valley technology and Hollywood entertainment. [2]