Green Party of California Endorses the Billionaires Tax, Prop. 40

FOR IMMEDIATE RELEASE

GREEN PARTY OF CALIFORNIA ENDORSES THE BILLIONAIRE TAX, PROP. 40

San Francisco - July 8, 2026 - The Green Party of California's statewide General Assembly endorsed the Billionaire Tax Act by a vote of 98% in June, calling on California's billionaires to pay a wealth tax. The California Billionaire Tax Act would enact a one-time 5% tax on California's billionaires in order to replenish the cuts that President Trump has made to healthcare, education, SNAP, and other social service programs.

The act is expected to raise about $100 billion to replace lost federal dollars and protect essential services. It would direct 90% of the funds raised to healthcare and 10% to public K-14 education and state food assistance programs. The campaign in support of the initiative is being led by Save California Health Care and Public Education sponsored by SEIU-UHW.

California is home to about 200 billionaires whose collective wealth is estimated to be $2 trillion. Laura Wells, Green Party of California spokesperson, noted "The massive wealth of California's billionaires will never be taxed in their lifetimes because of all the tax loopholes. Unlike Gavin Newsom, who opposes the Billionaire Tax Act, California Greens have been pushing to TAX THE RICH for nearly four decades and we are not stopping now." She adds, "Let's not wait for a federal tax, let California be a model for the rest of the country."

On July 2, the Billionaire Tax Now coalition led by SEIU announced that the California Secretary of State has assigned the Billionaire Tax its official ballot designation, Proposition 40, confirming that Californians will have the chance to vote this November on the proposition. Mimi Newton of the GPCA Finance Committee says, "Prop 40 will put real money into our state coffers, unlike the pie-in-the-sky promises from billionaire-backed California Democrats."

GPCA spokesperson, David Cobb says "This is one of the most consequential measures in our state history, a state with the largest number of billionaires and the widest wealth gap." He further calls on voters for action, "YOU as voters have the power to level the field for countless communities on November 3, Vote YES on Proposition 40."

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About The Green Party of California, the only grassroots leftist political party in the United States, was founded in 1990 and gained ballot access in 1991. The party works to build an alternative system for a socially and racially just, ecologically sustainable, democratic and peaceful society that exists in harmony with nature, termed "EcoSocialism", founded on democracy, equity, and solidarity. Distinguished from the other three national parties by its refusal to accept corporate, lobbyist and superPAC contributions, GPCA's 10 key values guide and inform its policies and platform. GPCA is a member of the Green Party of United States Federation of State Green Parties.

Contact: Laura Wells, GPCA Spokesperson, 510-504-4254 [email protected]
GREEN PARTY OF CALIFORNIA
PO Box 485, San Francisco, CA 94104
http://www.cagreens.org