California votes on the world's first tax on billionaires

Target of the measure

100 US$ billion

Proposition 40 would apply to people worth at least US$1 billion who lived in California on Jan 1, 2026. Backers say it would raise US$100 billion to replace federal health-care cuts.

Likely voters, September poll

45 per cent in favour 42 per cent opposed

A September poll found 45 per cent of likely voters in favour, 42 per cent opposed and 13 per cent undecided. The measure needs a simple majority in the Nov 3 vote.

Governor Gavin Newsom opposes the tax, fearing the wealthy will leave and take their income-tax revenue with them. Nvidia's Jensen Huang and Senator Bernie Sanders back it.