"We have the chance to lead the world in establishing basic tax fairness, raising revenues for essential programs, and checking the power of the richest among us."

Dozens of multimillionaire Californians have signed an open letter supporting a one-time wealth tax on the state's billionaire residents, calling the proposal a "very sensible solution" to a looming healthcare disaster and runaway inequality.

"People like us can afford to live wherever we want. We choose to live in California because we love our state," reads the letter, which was organized by Patriotic Millionaires and Tax The Ultra Rich Now. "As multimillionaires, we’re willing to do our part. It’s past time for billionaires—our thousand millionaire cousins—to do theirs. Their opposition to this commonsense idea is embarrassing for all of us."

The letter's signatories, including filmmaker Tim Disney and former congressional candidate Saikat Chakrabarti, reject arguments that a 5% wealth tax on California's billionaires would hamper innovation and damage the state's economic status.

"I’m not a billionaire, but I have enough experience building wealth in California’s tech sector to know this fear is overblown," said Chakrabarti. "A one-time, retroactive tax on 200 or so billion-dollar fortunes is in no way going to disincentivize future innovators from coming to/staying in the tech capital of the world and creating new products, services, and businesses. If I can afford to pay more in tax, so can my billionaire neighbors—especially as many of them make a killing with advances in AI."

The letter comes as billionaire opponents of the tax, which will appear on California's November ballot as Proposition 40, ramp up their spending against the measure in the days ahead of the midterm elections. One recent analysis of financial disclosures estimates that the initiative's billionaire opponents—including Google co-founder Sergey Brin and venture capitalist Peter Thiel—are spending roughly $1 million per day to defeat it.

The ballot measure is also opposed by Democratic Gov. Gavin Newsom, who has endorsed a competing initiative that would cancel out the billionaire tax and prohibit future wealth taxes.

Experts say the proposed billionaire tax would raise around $100 billion in revenue, which would mostly be used to offset the impacts of federal Medicaid cuts that President Donald Trump signed into law last summer.

"Our state is one of the many starving for revenues and facing the prospect of drastic cuts to essential services like healthcare, food assistance, and education," the open letter reads. "Prop 40—a one-time, 5% tax on the wealth of billionaires—would help solve this problem and achieve what we’re after: establishing tax fairness, raising desperately needed revenues, and checking the power of the rich."

"To our fellow Californians, we have the chance to make history in November," the letter continues. "We have the chance to lead the world in establishing basic tax fairness, raising revenues for essential programs, and checking the power of the richest among us. With so much on the line, we urge you to stand up for the future of all Californians and vote 'yes' on Prop 40.

Dozens of multimillionaire Californians have signed an open letter supporting a one-time wealth tax on the state's billionaire residents, calling the proposal a "very sensible solution" to a looming healthcare disaster and runaway inequality.

"People like us can afford to live wherever we want. We choose to live in California because we love our state," reads the letter, which was organized by Patriotic Millionaires and Tax The Ultra Rich Now. "As multimillionaires, we’re willing to do our part. It’s past time for billionaires—our thousand millionaire cousins—to do theirs. Their opposition to this commonsense idea is embarrassing for all of us."

The letter's signatories, including filmmaker Tim Disney and former congressional candidate Saikat Chakrabarti, reject arguments that a 5% wealth tax on California's billionaires would hamper innovation and damage the state's economic status.

"I’m not a billionaire, but I have enough experience building wealth in California’s tech sector to know this fear is overblown," said Chakrabarti. "A one-time, retroactive tax on 200 or so billion-dollar fortunes is in no way going to disincentivize future innovators from coming to/staying in the tech capital of the world and creating new products, services, and businesses. If I can afford to pay more in tax, so can my billionaire neighbors—especially as many of them make a killing with advances in AI."

The letter comes as billionaire opponents of the tax, which will appear on California's November ballot as Proposition 40, ramp up their spending against the measure in the days ahead of the midterm elections. One recent analysis of financial disclosures estimates that the initiative's billionaire opponents—including Google co-founder Sergey Brin and venture capitalist Peter Thiel—are spending roughly $1 million per day to defeat it.

The ballot measure is also opposed by Democratic Gov. Gavin Newsom, who has endorsed a competing initiative that would cancel out the billionaire tax and prohibit future wealth taxes.

Experts say the proposed billionaire tax would raise around $100 billion in revenue, which would mostly be used to offset the impacts of federal Medicaid cuts that President Donald Trump signed into law last summer.

"Our state is one of the many starving for revenues and facing the prospect of drastic cuts to essential services like healthcare, food assistance, and education," the open letter reads. "Prop 40—a one-time, 5% tax on the wealth of billionaires—would help solve this problem and achieve what we’re after: establishing tax fairness, raising desperately needed revenues, and checking the power of the rich."

"To our fellow Californians, we have the chance to make history in November," the letter continues. "We have the chance to lead the world in establishing basic tax fairness, raising revenues for essential programs, and checking the power of the richest among us. With so much on the line, we urge you to stand up for the future of all Californians and vote 'yes' on Prop 40.

Dozens of multimillionaire Californians have signed an open letter supporting a one-time wealth tax on the state's billionaire residents, calling the proposal a "very sensible solution" to a looming healthcare disaster and runaway inequality.

"People like us can afford to live wherever we want. We choose to live in California because we love our state," reads the letter, which was organized by Patriotic Millionaires and Tax The Ultra Rich Now. "As multimillionaires, we’re willing to do our part. It’s past time for billionaires—our thousand millionaire cousins—to do theirs. Their opposition to this commonsense idea is embarrassing for all of us."

The letter's signatories, including filmmaker Tim Disney and former congressional candidate Saikat Chakrabarti, reject arguments that a 5% wealth tax on California's billionaires would hamper innovation and damage the state's economic status.

"I’m not a billionaire, but I have enough experience building wealth in California’s tech sector to know this fear is overblown," said Chakrabarti. "A one-time, retroactive tax on 200 or so billion-dollar fortunes is in no way going to disincentivize future innovators from coming to/staying in the tech capital of the world and creating new products, services, and businesses. If I can afford to pay more in tax, so can my billionaire neighbors—especially as many of them make a killing with advances in AI."

The letter comes as billionaire opponents of the tax, which will appear on California's November ballot as Proposition 40, ramp up their spending against the measure in the days ahead of the midterm elections. One recent analysis of financial disclosures estimates that the initiative's billionaire opponents—including Google co-founder Sergey Brin and venture capitalist Peter Thiel—are spending roughly $1 million per day to defeat it.

The ballot measure is also opposed by Democratic Gov. Gavin Newsom, who has endorsed a competing initiative that would cancel out the billionaire tax and prohibit future wealth taxes.

Experts say the proposed billionaire tax would raise around $100 billion in revenue, which would mostly be used to offset the impacts of federal Medicaid cuts that President Donald Trump signed into law last summer.

"Our state is one of the many starving for revenues and facing the prospect of drastic cuts to essential services like healthcare, food assistance, and education," the open letter reads. "Prop 40—a one-time, 5% tax on the wealth of billionaires—would help solve this problem and achieve what we’re after: establishing tax fairness, raising desperately needed revenues, and checking the power of the rich."

"To our fellow Californians, we have the chance to make history in November," the letter continues. "We have the chance to lead the world in establishing basic tax fairness, raising revenues for essential programs, and checking the power of the richest among us. With so much on the line, we urge you to stand up for the future of all Californians and vote 'yes' on Prop 40.