California’s Billionaire Tax (and the Efforts to Nullify It)
US Senator Bernie Sanders, Independent of Vermont, speaks during the campaign kickoff for the California Billionaire Tax Act at The Wiltern in Los Angeles, February 18, 2026. Sanders is seeking the support of California voters for a November's ballot initiative of an emergency tax on billionaires to help the state's healthcare system. (Patrick T. Fallon / AFP via Getty Images)
Airdate: Wednesday, October 14, 2026 at 10 AM
This November, Californians will vote on Proposition 40, a measure that would impose a one-time 5% tax on those whose net worth exceeded $1 billion at the beginning of 2026. While advocates argue it is time for the ultrawealthy to pay a larger share of taxes, opponents argue that Prop. 40 could drive billionaires out of the state and decrease future tax revenue. In this hour we’ll speak with KQED’s political correspondents about Prop. 40 — and the efforts to nullify it through propositions 41 and 42.
Guests:
- Marisa Lagos, politics correspondent, KQED; co-host of KQED’s Political Breakdown
- Guy Marzorati, Correspondent, KQED’s California Politics and Government Desk