Cristobal Young, a sociology professor at Cornell University, said previous California tax increases on millionaires didn't lead to a mass exodus of wealthy people.
—
ABC News,
ABC News,
9 Oct. 2026
The latest in a long series of corrective measures was a thirteen-per-cent state income tax on millionaires, which went into effect in 2012 and is due to expire in 2030.
Emotionally, though, Proposition 40 has sharpened people’s views of billionaires—as heroic innovators and job creators, or as oligarchical resource hogs.
—
Nicholas Lemann,
New Yorker,
4 Oct. 2026
Some of the ads say that the billionaire tax would lead to a decline in tax revenue, while others claim that the measure will lead to the state legislature approving wealth taxes on non-billionaires.
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