# I’m a wealthy Californian. The billionaire tax is a win for everyone | George Zimmer

- URL: https://talkfuse.com/story/im-a-wealthy-californian-the-billionaire-tax-is-a-win-for-everyone-george-zimmer/
- Published: 2026-11-02T12:00:40+00:00
- Updated: 2026-11-02T14:50:13+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/commentisfree/2026/nov/02/california-billionaire-tax
- Topics: Americas, Business, Elections, Politics, World

## Key points

- California voters are weighing a one-time 5% billionaire tax.
- Organisers estimate it could raise about $100bn, mostly for healthcare.
- Zimmer says fears of billionaire flight and lost innovation are overstated.

## Summary

California voters will decide on Proposition 40, a proposed one-time 5% tax on the net worth of about 250 billionaires. George Zimmer, a wealthy Californian who supports the measure, argues it could reduce inequality and help fund healthcare without causing a mass departure of wealthy residents or undermining innovation.

Organisers estimate the tax would raise about $100bn, most of it for healthcare following federal cuts. The article says only six billionaires had moved out by the 1 January 2026 deadline to avoid the tax; it also cites studies showing no mass flight after other states raised taxes, and reports California attracted at least 80% of US venture capital funding in 2026 so far. Billionaires’ wealth in the state grew by an average 15% annually from 2019 to 2025, while state income taxes amounted to 0.26% of that wealth.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.