Bernie-backed tax on billionaires is TOO extreme even for California

A proposition imposing a new tax on billionaires in California has been defeated despite being endorsed by notable far-left politicians.

Proposition 40 called for imposing a one-time tax that would apply only to billionaires, confiscating 5% of their net worth with some assets exempted from the calculation. In order to pre-empt billionaires leaving the state to avoid the tax, it would be imposed retroactively to residents living in California on Jan. 1, 2026.

‘It will be the beginning of not only a broader U.S.-wide movement, ultimately paving the way for a federal wealth tax.’

Opponents of Proposition 40 said the tax would backfire and lead to less tax revenue as billionaires would flee the state for lower-tax locales.

Supporters hoped the proposition would spark a global movement to tax