California Democratic Party Endorses Billionaire Tax Measure Amid Internal Disagreement
The California Democratic Party supports a ballot initiative imposing a one-time 5% tax on billionaire net worth despite opposition from some party members including the governor.
On August 2, 2026, the California Democratic Party's executive board voted narrowly to endorse Proposition 40, a ballot measure proposing a one-time 5% tax on the net worth of the state’s 200 billionaires. This endorsement comes amid internal opposition from some California Democrats, including the state's governor, who have expressed objections to the measure. Proposition 40 aims to raise revenue through taxing extreme wealth within California.
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The Hill — California Democratic Party backs billionaire tax despite internal oppositionTHE QUESTIONS THIS EVENT LEAVES BEHIND