I’m a wealthy Californian. The billionaire tax is a win for everyone | George Zimmer
Summary
George Zimmer argues that California’s Proposition 40, a proposed one-time 5% tax on the net worth of about 250 billionaires, would raise substantial revenue without driving wealthy residents or innovation out of the state. He cites research and economic figures to dispute opponents’ claims, while supporting the tax as a matter of ability to pay.Key Facts
- The article says California voters are set to decide on Proposition 40 on Tuesday.
- The proposed tax is a one-time 5% levy on the net worth of about 250 California billionaires.
- Organizers estimate the measure would raise roughly $100 billion, with most of the money directed to healthcare to offset federal cuts, according to the article.
- The article reports that six Nobel Prize-winning economists backed the measure and said it could encourage similar taxes elsewhere.
- It cites studies reporting that Massachusetts and Washington state saw their millionaire populations increase after raising taxes on high earners in 2022.
- The article says only six California billionaires were known to have moved by January 1, 2026, the stated deadline to avoid the tax.
- It says California billionaires’ wealth grew by an average of 15% a year from 2019 to 2025, while their state income taxes equaled 0.26% of that wealth.
- The article claims California received at least 80% of new venture-capital funding so far in 2026, despite debate over the measure.
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