All eyes are on the US state of California, where voters are preparing to vote on a tax proposal that could affect the fortunes of some of the world’s biggest celebrities and wealthiest business figures. Among them are Oprah Winfrey, Kim Kardashian, Mark Zuckerberg and George Lucas.
The proposal, known as “Proposition 40,” aims to impose a one-time 5% special tax on the net worth of billionaires residing in the state. The revenue is expected to be used to fund improvements to healthcare services.
Big names in the tax’s crosshairs
The tax could include famed media mogul Oprah Winfrey, who built a massive media empire. It would also apply to Mark Zuckerberg, CEO of Meta and one of the most prominent billionaires in the tech sector.
Kim Kardashian, the reality TV star and co-founder of the brand Skims, also stands out among those affected. Filmmaker George Lucas, creator of the “Star Wars” film franchise, is also among the names who could be impacted by the proposal.
Divide among the wealthy and officials
California is home to more than 200 billionaires, making it one of the largest wealth hubs in the world. Nevertheless, the proposal has sparked political and economic division, amid reports that some wealthy residents are leaving the state.
One billionaire businessman said he had helped create jobs in California, but the proposal made him feel he was no longer welcome.
A historic tax to narrow the wealth gap
Francesco Trebbi, a professor of public policy at the University of California, Berkeley, said the tax could be the first in the world to exclusively target the billionaire class.
He noted that it could help narrow the state’s economic gap.
Although California boasts the largest economy among US states and ranks fourth in the world in terms of economic size, it faces major social challenges, most notably homelessness and wealth inequality.
As billionaires await the outcome of the vote, the biggest question remains: will Oprah Winfrey, Kim Kardashian and Zuckerberg be forced to pay billions of dollars from their fortunes to support healthcare?
