California Dems Buck Newsom With Vote To Endorse Billionaire Wealth Tax

Prop 40, the so-called billionaire tax set for the November ballot, would slap a 5% levy on the net worth of roughly 200 ultra-wealthy residents of the Golden State.

Critics, however, see it as a classic left-wing wealth grab that punishes success and accelerates the exodus of job creators from an already overtaxed state.

Yet Newsom’s stance has done little to stop the measure from advancing, and competing ballot initiatives—backed by the same anti-tax coalition—could neutralize it if voters approve them.

One such proposal would mandate audits of any programs funded by new special taxes, potentially complicating or blocking the wealth tax’s implementation.

Brin’s massive spending reflects a broader rebellion among California’s tech elite against the state’s escalating tax-and-spend culture.

Meta founder Mark Zuckerberg recently purchased a $170 million mansion near Miami. Venture capitalist Peter Thiel, former Uber CEO Travis Kalanick, and fellow Google co-founder Larry Page have all relocated out of California in recent years.

These departures underscore how progressive policies continue to drive productive capital and talent to lower-tax states like Florida and Texas.

Prop 40 arrives as California faces mounting fiscal pressure.

Democratic leaders have long relied on soaking the rich to paper over budget shortfalls and expansive social programs, only to watch revenue sources flee.