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California Democrats Endorse Prop 40 Billionaire Wealth Tax

8/3/2026

Summary

Story summary

The California Democratic Party’s executive board endorsed Proposition 40, a 5% billionaire wealth tax, on August 2, 2026.
The endorsement passed with 61% of 235 delegates after two switched sides, meeting the 60% threshold.
A Policy Institute of California poll found 54% of likely voters and 76% of Democrats would back the tax.
Proposition 40 seeks $100 billion for Medicaid and food assistance, facing opposition from Gov. Gavin Newsom and labor unions warning of billionaire flight.

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Story summary

The California Democratic Party’s executive board endorsed Proposition 40, a 5% billionaire wealth tax, on August 2, 2026.
The endorsement passed with 61% of 235 delegates after two switched sides, meeting the 60% threshold.
A Policy Institute of California poll found 54% of likely voters and 76% of Democrats would back the tax.
Proposition 40 seeks $100 billion for Medicaid and food assistance, facing opposition from Gov. Gavin Newsom and labor unions warning of billionaire flight.