California Voters to Decide 5% Billionaire Tax Raising $100 Billion for Healthcare
Updated
Updated · The Guardian · Oct 19
California Voters to Decide 5% Billionaire Tax Raising $100 Billion for Healthcare
3 articles · Updated · The Guardian · Oct 19
Summary
$100 billion is at stake as California voters weigh Proposition 40 in November, a one-time 5% tax on roughly 250 billionaires that would direct 90% of proceeds to healthcare.
3 million Californians could keep coverage if the measure passes, backers say, because it would help offset more than $30 billion a year in potential Medi-Cal losses tied to Trump-era healthcare cuts.
Governor Gavin Newsom opposes Prop 40 and backs Proposition 42, a rival measure that would block California from taxing billionaire wealth, splitting Democrats over how to fund care.
Sergey Brin, Peter Thiel and Elon Musk are central to that fight: opponents have outspent supporters by more than 5 to 1, with Brin alone spending $102 million against Prop 40.
If approved, Prop 40 would make California the first jurisdiction to tax billionaire wealth directly, potentially creating a model for broader state and national efforts.