Archive · 11 Oct 2026
California Billionaire Tax Debate Spotlights State’s Richest Residents
California is considering a tax on some people whose assets are worth more than $1 billion.
The proposal is called Prop 40 in the article.
It would be a one-time tax of up to 5%.
Most of the money would go to healthcare, with smaller amounts for food assistance and public education.
Larry Page and Sergey Brin are listed as California’s two richest people.
Some politicians support the tax.
Others, including Governor Gavin Newsom, worry wealthy people may leave California and reduce future tax revenue.
The article also says Newsom backed a different measure intended to prohibit wealth taxes.
Forbes’ 2026 ranking named California home to 85 of the country’s 100 richest people.
Alphabet co-founder Larry Page ranked California’s richest, with an estimated $287 billion fortune.
Fellow co-founder Sergey Brin ranked second-richest in California, with an estimated $265 billion.
The proposed Prop 40 would impose a one-time tax of up to 5% on certain people with assets over $1 billion.
Supporters include Ro Khanna and Bernie Sanders; opponents warn the tax could drive wealthy residents away and reduce future tax revenue.
- Who
- California lawmakers and voters are considering a proposed tax affecting certain billionaires; Larry Page and Sergey Brin are identified as the state’s richest residents.
- What
- A proposed one-time tax of up to 5% on certain taxpayers with assets above $1 billion.
- When
- The article cites Forbes’ 2026 ranking, released September 4, and a real-time list updated early October 11.
- Where
- California.
- Why
- The proposal is intended to raise revenue primarily for healthcare, with smaller shares for food assistance and public education.
Supporters
Opponents
Whether to tax billionaires
Supporters
Senator Bernie Sanders and Representative Ro Khanna support the proposed measure, which would direct most revenue to healthcare.
Opponents
Governor Gavin Newsom and other opponents warn that a wealth tax could prompt wealthy residents to leave and weaken future state tax revenues.
- Proposed measure
- Prop 40, described as a one-time tax on certain taxpayers with assets above $1 billion
- Proposed rate
- Up to 5%
- Revenue uses
- Primarily healthcare; smaller shares for food assistance and public education
- Estimated California billionaires
- About 200, according to the article
- Larry Page
- Estimated net worth of $287 billion in Forbes’ 2026 annual ranking
- Sergey Brin
- Estimated net worth of $265 billion in Forbes’ 2026 annual ranking
- Reported potential revenue
- The article says the measure could generate $100 billion over five years if formally passed