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National

California voters to decide on new tax on billionaires' wealth

Proposition 40 would impose a tax on billionaires, sparking debate among progressives and supporters.

Oct 18, 2026, 9:27 AM By the Genius Eye newsroom (National Reporter) · Fact-checkedHow we report

Photo: Noclip / Public domain, via Wikimedia Commons

California voters will soon decide on Proposition 40, a measure that would impose a new tax on the wealth of billionaires, CBS News reported.

The proposition aims to generate revenue by taxing the assets of the state's wealthiest individuals, with supporters arguing it would provide significant benefits.

However, some progressives oppose the measure, expressing concerns about its potential impact and effectiveness, according to CBS News correspondent Jo Ling Kent.

The debate highlights differing views within progressive circles about the best approach to addressing wealth inequality in California.

Sources

CBS News: California's Proposition 40: A tax on billionaires

We read public reporting and official data, confirm what we can, and write our own story. See something wrong? Request a correction.

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