CA Dems Back Prop. 40 Billionaire Tax Amid Budget Debates

The California Democratic Party executive board endorsed Proposition 40, a one-time 5% tax on billionaires’ assets to fund healthcare and restore safety-net programs, signaling party unity amid broader debates. Polls show 54% of likely voters and 76% of Democrats would vote for the measure, which aims to raise about $100 billion over five years to backfill Medicaid and food-assistance cuts tied to a federal act signed by President Trump. Opponents warn it could destabilize the state budget and prompt billionaire flight, while supporters argue the tax would reverse funding gaps created by federal policy.