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Fri, 23 Oct 2026

Fri, 23 Oct 2026 Are California voters about to impose 'world's first' tax on billionaires?

Voters are about to decide if the mega-rich among them should hand over billions of dollars to pay for improvements to healthcare.
Key points: 1. Income Inequality: California is experiencing some of its highest levels of income inequality in over three decades, with the top 1% of households owning nearly 32% of all US wealth. 2. Public Support: A statewide survey found that 72% of Californians believe the gap between the rich and poor is widening, and a similar share think state government should do more to reduce the gap. 3. Proposed Taxation: The proposed ballot initiative would tax billionaires at a rate of up to 15%, with an estimated $12.5 billion raised from the wealthiest individuals. 4. Supporters and Opponents: Some notable supporters include Senator Bernie Sanders, Tom Steyer, and Andy Fang, while others like Mark Zuckerberg have benefited from arrangements that would mitigate their potential losses. 5. Impact on Business and Economy: The proposed tax could impact business and economic growth in California, particularly if top earners choose to leave the state. Sources:
* Public Policy Institute of California
* Senator Bernie Sanders' campaign speech
* Tom Steyer's public statements External Links:
* [BBC](https://www.bbc.co.uk/)
* [Public Policy Institute of California](https://www.ppic.org/)