Prediction markets estimate a 32% chance for the passage of California's Proposition 40, a proposed 5% wealth tax on billionaires scheduled for the 2026 election.
California is set to vote on Proposition 40, a proposal for a 5% wealth tax on residents with a net worth over $1 billion, with market odds for passage currently at 31.5%.
Market participants are tracking the probability of California's billionaire wealth tax initiative, which is currently priced at 30.5% ahead of the 2026 gubernatorial election.
Nvidia CEO Jensen Huang supports California's proposed 2026 Billionaire Tax Act, which could cost him $8 billion over five years.
UK Chancellor John Healey is exploring wealth tax options to raise billions for the October 28 budget amid rising borrowing costs.
