The California Democratic Party (CADEM) announced on August 3, 2026, that it supports a ballot measure proposing a one-time, five-percent tax on the net worth of the state's 200 billionaires. This decision follows a narrow vote by the party's executive board. The measure, known as Proposition 40, has encountered opposition from some California Democrats, including Governor [Name].
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California Democratic Party supports billionaire tax measure despite opposition
The California Democratic Party has expressed support for a ballot measure that would impose a one-time, five-percent tax on the net worth of the state's billionaires. This decision comes amid internal opposition from some party members, including the state's governor.
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California Democratic Party backs billionaire tax despite internal opposition
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California Democratic Party supports billionaire tax measure despite opposition