It may start with billionaires, but this could be a precedent to tax assets on everyone else

Don’t know how I feel about this

It may start with billionaires, but this could be a precedent to tax assets on everyone else

— Justin (@Justin_4PF) October 6, 2026

California’s billionaire tax is already being described as a model that could spread nationally
https://www.ft.com/content/9a46af48-9c69-48bd-a648-2e496486c504
The Financial Times reports that supporters view Prop. 40 as an attempt to redefine what is politically acceptable in American tax policy, while opponents warn about its broader implications. The measure would be the first state wealth tax in the United States if enacted.

Wealthy Californians are already moving residences or assets ahead of the vote
https://calmatters.org/politics/2026/10/california-billionaire-tax-explainer/
CalMatters reports that some billionaires have moved residences or business assets in anticipation of Prop. 40, while Sergey Brin has contributed more than $138 million toward opposition efforts, including the competing measures.