Full Breakdown
California Democrats Endorse Billionaire Wealth Tax Measure
8/3/2026, 12:55:17 PM
Endorsement Vote and Party Stance
On August 1, 2026, the California Democratic Party’s executive board voted 61%–39% (61% of 235 delegates) to endorse Proposition 40, a one-time 5% tax on billionaire assets. The endorsement came after a second voting round in which two delegates switched sides. In the same meeting the party adopted positions on the other 13 statewide initiatives, supporting two housing bonds, an immunology research bond and a permanent high-income earner tax, while opposing competing measures that would undercut the billionaire tax, a voter-ID proposal and a bill to weaken the state Environmental Quality Act.
Background of Proposition 40
Proposition 40 would levy a 5% tax on the wealth of California’s billionaires once the measure appears on the November ballot. Proponents say the tax could generate roughly $100 billion over five years to replenish cuts to Medicaid and food-assistance programs introduced by the “One Big Beautiful Bill Act,” a federal tax-cut package signed by President Trump. The measure has been championed by progressive figures such as Sen. Bernie Sanders (I-VT) and Rep. Ro Khanna (D-Fremont).
Support and Opposition Highlights
Supporters include the Service Employees International Union-United Healthcare Workers West, whose president Dave Regan cited an internal poll showing over 80% of registered Democrats favor the tax. The party’s chair Rusty Hicks said the endorsement reflects a deliberative process that puts Democratic values first. Opposition comes from Gov.
Public Opinion and Fiscal Concerns
A May poll by the Public Policy Institute of California found 54% of likely voters and 76% of Democrats would vote for Proposition 40.
Verbatim Quotes
- “This endorsement puts to rest the idea that California Democrats are not united by the billionaire tax — they are,” — Dave Regan
