California Multimillionaires Back Billionaire Wealth Tax Measure

Organized by groups including Patriotic Millionaires and Tax The Ultra Rich Now, the letter features prominent figures like filmmaker Tim Disney and former congressional candidate Saikat Chakrabarti. These signatories reject claims that the levy would stifle economic innovation or drive tech leaders out of the state. Chakrabarti, citing his background in the tech sector, dismissed these concerns as overblown, noting that even with a one-time retroactive hit on roughly 200 massive fortunes, California remains the primary hub for global innovation.

The push for Proposition 40 faces intense opposition from the state’s ultra-wealthy, with financial disclosures indicating that figures such as Sergey Brin and Peter Thiel are pouring approximately $1 million per day into efforts to defeat the measure. Governor Gavin Newsom has also thrown his weight against the initiative, supporting a competing proposal that would effectively block future wealth taxes. Proponents maintain that the $100 billion in projected revenue is vital to offset federal Medicaid cuts and stabilize essential public services like education and food assistance.