Bad Luck, Lefties: Even If Your Dumb Wealth Tax Passes, Billionaires Will Kill It in Court
25th October 2026
“Don’t tax you, don’t tax me, tax that fellow behind the tree,” is how a US senator once described ideal tax policy.
In California and elsewhere, the most unpopular taxes are the ones most people see, like the gas tax and property taxes. The only popular taxes are the ones paid by someone else.
So Proposition 40 — the “billionaire tax” — and its first-in-the-country wealth tax should be very popular, since only 200 people would pay it. But the polling has it struggling.
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Another reason California voters should be wary of Proposition 40 is because it will lose in court. Here are six reasons why, and this list isn’t even exhaustive.