News
California Wealth Tax Proposal Alarms Billionaires
California’s proposed wealth tax, which would impose a 5% levy on residents with net worth exceeding $1 billion, is generating significant concern among billionaires, including Meta CEO Mark Zuckerberg. The measure, known as Proposition 40, is set for a vote in the upcoming November 3, 2026, election. The proposal has led to strategic financial decisions, such as Zuckerberg’s recent stock restructuring to prepare for possible tax implications. Governor Gavin Newsom and Sergey Brin are among those opposing the measure, citing potential economic impacts.