California Multimillionaires Urge Billionaire Tax Passage

A group of wealthy Californians, identifying as multimillionaires, have signed an open letter urging voters to approve Proposition 40, a proposed one-time tax on the state's billionaires. The signatories include Tim Disney, a filmmaker and descendant of Walt Disney; George Zimmer, founder of Men's Wearhouse; and Saikat Chakrabarti, a founding engineer of Stripe and former congressional candidate.

Their public endorsement comes amid a contentious debate over the proposed 5% tax on the net worth of billionaires who resided in California as of January 1, 2026. The letter, released by organizations including Patriotic Millionaires and Tax the Ultra-Rich Now, states, "As multimillionaires, we’re willing to do our part. It’s past time for billionaires — our thousand millionaire cousins — to do theirs."

Chakrabarti has been a vocal proponent of the tax, dismissing concerns that it would prompt wealthy individuals to leave the state. He argued that prominent opponents, such as Google co-founder Sergey Brin and former Google CEO Eric Schmidt, who have reportedly spent significant sums to oppose the measure, would likely still see substantial financial gains even with the tax.

"My thoughts on Sergey Brin, Eric Schmidt and others is this: all of you are probably going to make about 30% returns on your money this year, based on what returns for billionaires have been over the last several years. You won’t even notice a 5% wealth tax — you’ll still be richer next year than you were this year," Chakrabarti stated. He added, "But over 3 million Californians will have their lives changed. Do you really want your legacy to be that you fought tooth and nail against that?"

Disney framed the proposition as a necessary measure to counteract potential federal healthcare cuts and address the influence of money in politics. "Prop 40 is about dignity, decency, and fairness," Disney said in a statement, connecting the tax to preventing millions of Californians from losing health care coverage.

Opposition to the tax is being spearheaded by groups like Building a Better California. Recent polling by Citrin Center-Politico indicates that 46% of likely voters support the billionaire tax, with 43% opposed and 10% undecided. However, a YouGov poll commissioned by the millionaires' group suggests that 57% of California millionaires support Proposition 40. According to the release, about 60% of those polled agreed that higher taxes on extreme wealth are acceptable if the funds support state health and education programs, and 56% stated they would not relocate from California due to increased taxes. A significant majority, 78%, also agreed that billionaires wield too much influence in state elections.