Event Brief
CA Democrats back billionaire net-worth tax
Filed: Aug 03, 2026 at 2:00 PM ET
Summary: California Democratic Party backs Proposition 40, a 5% one-time tax on the state’s 200 billionaires, despite internal opposition.
WHO: California Democratic Party executive board; California Democrats including the governor
WHAT: Narrow vote to back Proposition 40, a ballot measure taxing the state’s 200 billionaires at 5% of net worth once
WHEN: Aug 03, 2026 at 1:29 PM ET
WHERE: California
WHY: The state party’s executive board narrowly voted to support Proposition 40 despite opposition from within the party.
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