California multimillionaires back Proposition 40 billionaire tax

A group of more than 40 wealthy Californians, including Disney heir Tim Disney, Men’s Wearhouse founder George Zimmer, and former congressional candidate Saikat Chakrabarti, have signed an open letter supporting Proposition 40. The measure proposes a one-time 5% tax on the net worth of billionaires who resided in the state as of January 1, 2026.

The letter, released by organizations Patriotic Millionaires and Tax the Ultra-Rich Now, argues that while multimillionaires are willing to contribute, it is time for the state’s billionaires to do their part. Signatories also include documentary filmmaker Matthew Cooke and virtual-reality pioneer Jaron Lanier.

Saikat Chakrabarti has defended the tax against concerns that it might cause the state's wealthiest residents to relocate. He criticized opponents, such as Google co-founder Sergey Brin and former CEO Eric Schmidt, noting that the tax would have a minimal impact on their overall wealth while potentially preventing millions of people from losing Medicaid coverage.