California’s billionaire tax faces a mountain of opposition — and not just from the rich

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Facing a massive spending disparity on the airwaves, Proposition 40 has drawn criticism even from progressives who broadly support raising taxes on billionaires.

Oct. 21, 2026, 10:46 AM EDT

By Adam Edelman

Raising taxes on billionaires has emerged as a top priority for progressives. But even in deep blue California, that has proven easier said than done.

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California’s billionaire tax faces a mountain of opposition — and not just from the rich

For Subscribers

FOR SUBSCRIBERSDOJ weighs election litigation against more states

FOR SUBSCRIBERSGOP Senate hopeful Ashley Hinson balances standing by Trump and standing up to him in Iowa

FOR SUBSCRIBERSInside the reopened U.S. Embassy in Caracas

FOR SUBSCRIBERSAIPAC shifts tactics amid voter frustration with Israel

FOR SUBSCRIBERSThe viral attack ad featuring an estranged mother

FOR SUBSCRIBERSU.S. troops and diplomats evacuating Middle East posts, sources say

FOR SUBSCRIBERSBogus trans youth brochure rattles Texas voters

FOR SUBSCRIBERSWho knew a basket could be sexy? How ‘Wicker’ became fall’s surprise must-see

FOR SUBSCRIBERSExperts explain how an AI kill switch could work

FOR SUBSCRIBERSTrump keeps promising ‘goodies’ on the campaign trail — but only if Republicans win

FOR SUBSCRIBERSPolice records reveal tensions between Cornell investigators and DA years before Jane Doe case

FOR SUBSCRIBERSThe U.S. fertility rate has hit another record low, CDC finds. Is that good or bad?

FOR SUBSCRIBERSViral attack ad featuring candidate’s estranged mother rattles bitter Ohio governor race

FOR SUBSCRIBERSWhy 1 in 5 multiple sclerosis patients like Christina Applegate are misdiagnosed

FOR SUBSCRIBERSWhat students are actually watching on YouTube

For Subscribers

FOR SUBSCRIBERSDOJ weighs election litigation against more states

FOR SUBSCRIBERSGOP Senate hopeful Ashley Hinson balances standing by Trump and standing up to him in Iowa

FOR SUBSCRIBERSInside the reopened U.S. Embassy in Caracas

FOR SUBSCRIBERSAIPAC shifts tactics amid voter frustration with Israel

FOR SUBSCRIBERSThe viral attack ad featuring an estranged mother

FOR SUBSCRIBERSU.S. troops and diplomats evacuating Middle East posts, sources say

FOR SUBSCRIBERSBogus trans youth brochure rattles Texas voters

FOR SUBSCRIBERSWho knew a basket could be sexy? How ‘Wicker’ became fall’s surprise must-see

FOR SUBSCRIBERSExperts explain how an AI kill switch could work

FOR SUBSCRIBERSTrump keeps promising ‘goodies’ on the campaign trail — but only if Republicans win

FOR SUBSCRIBERSPolice records reveal tensions between Cornell investigators and DA years before Jane Doe case

FOR SUBSCRIBERSThe U.S. fertility rate has hit another record low, CDC finds. Is that good or bad?

FOR SUBSCRIBERSViral attack ad featuring candidate’s estranged mother rattles bitter Ohio governor race

FOR SUBSCRIBERSWhy 1 in 5 multiple sclerosis patients like Christina Applegate are misdiagnosed

FOR SUBSCRIBERSWhat students are actually watching on YouTube

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