I'm a millionaire in California who supports taxing the rich. I'm disappointed Prop. 40 was rejected — people will suffer.
A millionaire in California who supports taxing the wealthy shared his disappointment that Prop. 40 was rejected, and his hope for future efforts.
Scott Ellis, a millionaire living in Silicon Valley, expressed disappointment and surprise that Proposition 40, a proposed 5% billionaire wealth tax, was rejected by California voters. Ellis is a member of Patriotic Millionaires, a group advocating for fair tax systems, livable wages, and equal political power. The election result was anticipated due to the significant financial resources spent opposing the proposition compared to those supporting it.
Ellis believes the rejection highlights the need for ongoing discussions about wealth, wealth taxes, and excessive wealth. He emphasized that the issues causing the need for this proposition have not gone away and will likely worsen, particularly in terms of healthcare funding cuts impacting millions. Ellis noted that billionaires such as Sergey Brin spent millions in a single state election, raising concerns about wealth's impact on democracy.
Despite being financially fortunate, Ellis expressed concern for the well-being of others, particularly regarding healthcare and the future of society. He emphasized the importance of effective government funding and hoped future efforts would be made to address wealth inequality.
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