# Is the Golden State about to kill its golden geese? Today California votes on whether to impose a punitive tax to grab 5pc of the entire assets of its 250 billionaires. So could Labour’s class warriors do the same here?

- URL: https://talkfuse.com/story/is-the-golden-state-about-to-kill-its-golden-geese-today-california-votes-on-whether-to-impose-a-punitive-tax-to-grab-5pc-of-the-entire-assets-of-its-250-billionaires-so-could-labours-class-warrio/
- Published: 2026-11-03T01:07:42+00:00
- Updated: 2026-11-03T02:11:08+00:00
- Original publisher: Daily Mail (publisher lean: Right)
- Original article: https://www.dailymail.com/news/article-16260261/Golden-State-kill-California-votes-tax-billionaires.html?ns_mchannel=rss&ns_campaign=1490&ito=1490
- Topics: Art, Culture, Elections, Politics, World

## Key points

- California is voting on a one-off tax on billionaires’ assets.
- Supporters say it could raise $100 billion for healthcare.
- Critics warn wealthy residents and investment could leave.

## Summary

California voters are being asked whether to impose a one-off 5 per cent tax on the assets of residents worth more than $1 billion. The proposal reflects growing anger over wealth inequality and the influence of technology companies, while raising concerns that taxing the wealthy could drive investment and people out of the state.

Proposition 40’s supporters say it could raise $100 billion, mainly to address healthcare cuts passed by Republicans in Congress. California’s roughly 250 billionaires have a combined net worth of $2.4 trillion, about half the state’s gross domestic product. The article notes that some wealthy residents, including Google co-founder Sergey Brin, have warned the state’s approach could damage its economy.

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