Billionaires' tax: can California change the global game?

RTÉ News · RTÉ News · 2026-11-04 14:33 UTC

In California, Proposition 40, which proposes a one-time 5% tax on the wealth of billionaires in the state, has garnered much attention outside the US.

Last night, the midterm elections were also, for millions of American voters, an opportunity to weigh in on 140 popular initiatives across the country. In California, one of them particularly garnered attention: the Proposition 40, which proposes a one-time 5% tax on the wealth of billionaires in the state.

Among the targeted individuals: Mark Zuckerberg, Kim Kardashian, and Beyoncé, all residing in California and possessing a net worth exceeding one billion dollars. Tech leaders, business executives, and celebrities, totaling between 200 and 250 individuals, who together represent an estimated fortune of 2000 billion dollars.

A state as rich as it is unequal-----------------------------------

Read the full story at RTÉ News · All coverage of this story