Commentary: What gets me so angry about California’s proposed billionaire tax

The more I think about Proposition 40, the billionaire tax that will go before California voters in November, the angrier I get.

I’m angry at President Trump. His cruel slashing of Medicaid threatens the health of millions of Californians, may lead to the loss of hundreds of thousands of medical jobs and is the stated reason behind Proposition 40, which would levy a one-time 5% tax on billionaires. Trump invoked government deficits, but this was really his latest attack against people he sees as losers and thus expendable — people of color, the undocumented and especially the poor. “Evil” isn’t mean enough a word to describe this.

I’m upset at what Proposition 40 proposes to do. It’s a temporary stopgap that doesn’t reverse Trump’s Medicaid cuts and won’t solve the fundamental problems facing healthcare, or all the other things that make life in California so expensive. Plus, since when has a tax happened just once?

Proposition 30 was supposed to be a temporary tax increase for Californians who earn more than $250,000 a year in the name of propping up K-12 schools and community colleges. Passed in 2012, it was supposed to expire in 2019. Instead, voters extended it to 2030 — and our public schools are in more dire need than ever.

If Proposition 40 succeeds, you know every advocacy group from Yreka to San Ysidro will propose one-time taxes in the name of rescuing something or other. But relying on new taxes, or strengthening old ones, only shows that people are out of ideas — a dangerous scenario for democracy.

I’m enraged at billionaires. In the past, California’s captains of industry — your Dohenys, Gettys, Huntingtons and so many more — at least pretended to care about the rest of society by funding charities, the arts and other things meant to better the masses. Not this generation. Their avarice, their gleeful supplication before a tyrant like Trump, their obsession with breaking things and not caring about the consequences and their indifference to how the rest of us live have made billionaires a deserved scapegoat, about as popular as a diaper rash.

I’m furious at Proposition 40’s supporters. For a generation, California’s left has treated the rich as a goose that keeps laying golden, taxable eggs, making the state budget too reliant on a sliver of the population. Gov. Gavin Newsom’s budget summary this year estimated that the top 1% of Californians paid about 45% of the state’s personal income taxes from 2002 through 2023. What Proposition 40 supporters don’t get is that you can only smack a goose so much to give more until it bites back, which is what California billionaires are increasingly doing by throwing their cash around to defeat any political candidate exuding a whiff of progressivism.

I’m upset at Proposition 40’s opponents. Backing two other ballot initiatives that would neutralize Proposition 40 doesn’t amount to a convincing argument against it. A point they do argue — that picking on billionaires will alienate them, push them out of California and tank the state’s budget — is at least plausible. But it’s not a winning argument in this era of populism on both the left and right, where voters seem to approve of cutting off your nose to spite the man.

I’m disgusted by Proposition 40’s architect. Service Employees International Union-United Healthcare Workers West President Dave Regan represents everything wrong with the union movement in California. He has made a mockery out of the proposition system by continually trotting out initiatives in the name of bettering the lives of blue-collar Californians. But as my colleague Taryn Luna reported last month, Regan doesn’t even believe in what he sells: He uses the threat of ballot measures to cut deals for his members, and his members alone. Way to use the rest of us as a bargaining chip, Dave.

I’m done with Newsom. He opposes Proposition 40 in the most Newsom-esque way possible. One of his arguments is that it will scare away billionaires from California — there he goes, carrying water for oligarchs again. His other argument is even more ludicrous — that Proposition 40 isn’t enough because there should be a permanent national tax on billionaires via changes to the tax code instead of a one-off. So Californians shouldn’t go after billionaires because you want to do it? Good luck explaining that logic to voters across the country if you run for president in 2028.

I’m mad at California Democratic Party leaders. Its executive board recently endorsed Proposition 40 despite the many loyal soldiers and allies who are opposed, including gubernatorial candidate Xavier Becerra, the California Teachers Assn. and Planned Parenthood. Other unions are expected to oppose Proposition 40 or sit out the campaign, setting up the party’s latest civil war in an election year when state Democrats need the fewest distractions. But that’s the party’s leadership for you — they’ve never met an internal crisis they didn’t make worse.

I’m revolted by the California Republican Party. It entered the second Trump administration with tailwinds behind its sails after a generation of statewide failures, installing a record number of Latino GOP legislators in Sacramento and grabbing enough voters of color to imagine a future in which they once again mattered. Instead, the party’s blind devotion to Trump has left it with the moral authority of a dandruff flake.

California’s Republican congressional delegation unanimously voted for Trump’s Medicaid cuts, even though rural parts of the state, which also happen to be deep red, will be severely affected. State GOP leaders either stayed silent or cheered as Trump volleyed other financial missiles against California, including canceling billions of dollars in clean energy initiatives solely because we’re a blue state. Proposition 40 supporters just need to say that Republicans oppose the ballot measure and Californians will line up to vote “yes” like In-N-Out fans idling to grab a Double-Double.

Not me. I’m angry, for sure: The fight over Proposition 40 will add nothing but rage to this election and a redwood grove’s worth of political mailers. The Medicaid cuts will worsen life for too many people. As odious as Trump and his side have been, Proposition 40 solves too little for too short a time, while potentially making things permanently worse.

Count me as a big, beautiful “no.”