Wealth taxation stories

Oct 3, 2026

Bernie Sanders and Ro Khanna rally for California Proposition 40 billionaire tax amid Democratic split

Sen. Bernie Sanders and Rep. Ro Khanna are campaigning in California for Proposition 40, a ballot initiative that would impose a one-time 5% wealth tax on the state's approximately 200 billionaires. The measure has divided Democrats, with wealthy tech figures like Google cofounder Sergey Brin spending over $100 million in opposition.

Oct 3, 20265 sources

Aug 12, 2026

Appeals court lifts pause on New York City's pied-à-terre luxury home tax

An appeals court ruled Thursday to allow New York City Mayor Zohran Mamdani's controversial pied-à-terre tax on luxury homes to continue during the ongoing legal challenge. The tax, which targets wealthy property owners, had been temporarily halted by homeowners fighting the measure in court.

Aug 12, 20264 sources

Top claims

▪The authors of California's Proposition 40, a health care union's initiative, estimated that the proposed wealth tax would generate one hundred billion dollars in revenue for California
▪The anti-Proposition 40 political advocacy group Building a Better California has raised over $252 million to defeat the ballot measure.
▪California Governor Gavin Newsom opposes California's Proposition 40, arguing that the state-level wealth tax is poorly written and would drive billionaires and businesses to relocate to other states

People involved

Sergey Brin Ro Khanna Bernie Sanders Zohran Mamdani

Subtopics

California politics1 Democratic Party divisions1 Economic inequality1

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