Proposed One-Time 5% Tax Would Claim Just One-Eighth of the $283 Billion Gained by Billionaire Opponents
SACRAMENTO — Ahead of the November 3, 2026 election, when California voters will vote on Proposition 40, a new report released today by Institute for Policy Studies and Tax the Ultra-Rich Now (TURN) reveals that 22 California billionaires have poured at least $227 million into defeating the initiative—even as their fortunes grew by nearly 65 percent over the last 20 months.
These numbers suggest that billionaire opposition to Prop 40 has little to do with the actual tax amount. Measured against their fortunes as of September 1, 2026, the billionaires’ contributions to stop Prop 40 represent a tiny fraction of their wealth. For a California household with the state’s median wealth of $303,000, the equivalent political expense would be about $28 for Peter Thiel, $120 for Sergey Brin, and $418 for Chris Larsen.
Key findings from the report:
- Broad Wealth Expansion: According to Forbes estimates, California billionaires’ combined wealth rose from $1.685 trillion at the beginning of 2025 to $2.117 trillion on September 1, 2026—an overall gain of $432 billion, or 25.6 percent.
- Massive Wealth Growth: Over the last 20 months, the 22 California billionaire opponents analyzed in the report saw their combined wealth rise by nearly 65 percent.
- Fortunes Remain Intact: Even after paying the one-time 5 percent tax, their wealth would still be up 56 percent. The tax would claim about one-eighth of the $283 billion they gained during this period.
“Billionaires are spending a quarter-billion dollars to block a tax that would fund health care for low-income Californians,” said Igor Volsky, TURN’s campaign manager. “Even after they’ve captured $283 billion in just two years, billionaires will spend whatever it takes to keep their stranglehold on California’s economy—and that’s exactly why we need to tax their greed.”
“A couple dozen billionaires are bombarding California’s airwaves and social media with advertising attacking Prop 40, a common-sense one-time wealth tax,” said Chuck Collins, researcher at the Institute for Policy Studies and co-author of the analysis. “Voters have an opportunity to tell the billionaires that their elections are not for sale.”
The report includes a detailed methodology that explains how the report provides an illustrative comparison, not an estimate of legal tax liability. For press inquiries or to request an interview, please email Ryan Thomas at press@voteyeson40and3.org.
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TURN (Tax the Ultra-Rich Now) is a coalition of working families, health care workers, educators, and everyday Californians fighting to shrink the power billionaires hold over our economy, our democracy, and our future. Taxation is our tool: It funds our schools, our health care, and our communities while cutting excessive wealth down to size so that the rest of us can prosper.