Are California voters about to impose 'world's first' tax on billionaires?
Voters are about to decide if the mega-rich among them should hand over billions of dollars to pay for improvements to healthcare.
Few places on the planet have as many ultra-wealthy residents as California, a US state known for glamour, coastal mega-mansions, and being home to the rich and famous.
Now voters are about to decide whether the mega-rich among them - including media mogul Oprah Winfrey, Meta head Mark Zuckerberg, Skims cofounder and reality television star Kim Kardashian, and filmmaker George Lucas - should hand over billions of dollars to pay for improvements to healthcare.
Proposition 40 is aimed at levying a one-time 5% tax on the net worth of all of California's billionaires.
The California measure, if approved, would apply retroactively to those with a net worth of at least $1bn who resided in California as of 1 January 2026. At least six of the state's 200 plus billionaires have reportedly left California ahead of that deadline to avoid the tax.