Milliardærer punger ut i skattekrig

California voters will head to the polls for a mid-term election next Tuesday, where a tax proposal awaits them on the ballot. The proposal, dubbed Proposition 40, involves a one-time tax on individuals with taxable assets over one billion dollars, equivalent to approximately 9.2 billion US dollars in today's value. According to Ballotpedia, all who were residents of California as of January 1st of this year will be taxed if their assets meet the criteria.

The tax will apply to the value of milliardæren's holdings in publicly traded and private companies. Notable names that could be affected include Oprah Winfrey, Mark Zuckerberg, Kim Kardashian, and George Lucas, according to BBC.

While the tax has long appeared to have the majority support among Californians, recent tensions have shifted. A recent poll shows a majority of likely voters, 50%, opposing the proposal, while 42% support it, according to Los Angeles Times. The opposition's momentum comes after tireless efforts by some of the world's wealthiest individuals.

They have collectively raised nearly 368 million US dollars against the tax, compared to 36 million in favor. These funds are used mainly for advertising, appearing on everything from American football to movie releases. Google co-founder Sergey Brin is the largest donor to the opposition group "Building a Better California," contributing 102 million US dollars, nearly 940 million Norwegian kroner.

Investor John Doerr has given 40 million, and Stripe CEO Patrick Collison has given 33 million, according to The New York Times. The newspaper describes how over 20 of the world's wealthiest or their advisors meet on the phone every Tuesday to discuss measures, announcements, and new contributions. To donate to the campaign, contributors can donate stocks that have risen in value instead of cash, avoiding taxation on the profit from the shares they give away.

Despite the fact that the milliardærene are not the primary figures opposing the campaign publicly, an internal memo seen by The New York Times highlights that other supporters must be the campaign's "face." There is uncertainty about how large the tax revenue could theoretically be. Supporters estimate around 100 billion dollars, equivalent to over 900 billion Norwegian kroner.

The independent budget analysis agency of the state, Legislative Analyst’s Office, believes it will likely be in the multiple billions, but stresses that the amount is difficult to calculate. The California Nurses Association backs the proposal, aimed at addressing federal health care cuts championed by President Donald Trump and Republican leaders in Congress, according to BBC.

The proposal creates a rift in the Democratic party as well. Bernie Sanders and the party in California support the tax, while Governor Gavin Newsom opposes it, fearing that wealthy residents may relocate, thus losing important income tax revenues. Google co-founder Brin moved to Nevada by the end of 2025 to avoid the proposed tax, according to The New York Times.

Opponents also point out that founders may have large fortunes tied up in shares of private companies that are difficult to sell. Even if voters say yes to the proposal, it may not be enough, as opponents are funding two competing proposals on taxes and money use. Each of them could set the milliardæren tax aside if more yes votes than Proposition 40 are obtained.

Meanwhile, opponents have bigger plans, according to an internal document The New York Times has seen. "Building a Better California" aims to make the tax proposal "cool down attempts to nationalize wealth".