Becerra said that plan contained loopholes that would amount to major tax breaks for millionaires and billionaires.
—
Ben Paviour,
Sacbee.com,
2 Oct. 2026
According to a Fiscal Policy Institute analysis of IRS Statistics of Income data, the states with the most progressive tax systems have the highest concentration of millionaires per filer in the country.
Emotionally, though, Proposition 40 has sharpened people’s views of billionaires—as heroic innovators and job creators, or as oligarchical resource hogs.
—
Nicholas Lemann,
New Yorker,
4 Oct. 2026
Some of the ads say that the billionaire tax would lead to a decline in tax revenue, while others claim that the measure will lead to the state legislature approving wealth taxes on non-billionaires.
Examples are automatically compiled from online sources to
show current usage.Read More
Opinions expressed in the examples do not represent those of Merriam-Webster or its editors.
Send us feedback.