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California billionaire tax proposal 2026
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FIRST ENTRY OCT 18
OCT 18 · Day 1
California proposed billionaire tax examined
Propositions 41 and 42 are opposition-backed proposals on the ballot that would nullify the wealth tax if either receives more votes than Proposition 40.
Proposition 40 is a proposed one-time, 5% state tax on the net worth of California's approximately 200 billionaires.
Sergey Brin is spending more than $100 million to oppose Proposition 40.
“And I think that to the extent Prop 40 creates an incentive for meaningful change to take effect on the federal level, then I'd say it would be helpful. On its own, it obviously can't do anything; it's just patching a temporary hole, right? But I think that there is a certain amount of symbolic value of Prop 40.”
RAY MADOFF
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