Global Edition
Global Edition
UK Edition
EU Edition
US Edition

Verilumia

The Daily Verified Briefing

Markets

California Democrats endorse Proposition 40 billionaire tax

Published 3 August 2026

The California Democratic Party has endorsed a controversial ballot measure to impose a one-time 5% tax on the state's billionaires, a move that puts the party's grassroots activists at odds with its highest-profile leaders, Governor Gavin Newsom and gubernatorial nominee Xavier Becerra.

0:00 / 0:00