I’m a wealthy Californian. The billionaire tax is a win for everyone | George Zimmer

George Zimmer, a Californian billionaire, supports Proposition 40, a one-time 5% tax on the net worth of about 250 wealthy individuals in the state. Zimmer argues that the tax would not significantly impact his wealth or lifestyle, and that those at the very top could also afford it. He believes the tax would raise approximately $100 billion, mostly for healthcare, filling the gap left by federal cuts.

Six Nobel Prize-winning economists predict this tax could inspire similar measures in other states and countries. Opponents argue that the tax could cause billionaires to leave California, but numerous studies show no evidence of a "billionaire exodus" when taxes are raised. Zimmer points out that despite a relatively high tax rate, California has had a low out-migration rate among high-income households since 2011.

He emphasizes that paying more taxes is a civic duty for those who can afford it, and that the tax will not harm California's innovation. So far in 2026, 80% of new venture capital funding is going to California, indicating that the state remains attractive for entrepreneurs. The tax would bring progressivity to the state's tax code and generate funds to prevent hospital closures, protect healthcare coverage, and maintain jobs.

Zimmer believes that reducing inequality benefits everyone, and that California's wealth and quality of life make it worth paying higher taxes to maintain and improve.