{"id":18066,"date":"2026-08-08T16:39:04","date_gmt":"2026-08-08T23:39:04","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=18066"},"modified":"2026-08-08T16:39:10","modified_gmt":"2026-08-08T23:39:10","slug":"wealth-tax-news-8-8-2026","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/wealth-tax-news-8-8-2026\/","title":{"rendered":"Wealth Tax News \u2013 8\/8\/2026"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.16″ custom_padding=”4px|||||” global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_divider color=”#397389″ divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_cta title=”Make Your Voice Heard on Capitol Hill” button_url=”https:\/\/www.congressweb.com\/PTG\/12\/” url_new_window=”on” button_text=”Contact your members of Congress now and ask them to stand with family businesses by joining the Caucus.” disabled_on=”off|off|off” admin_label=”Call To Action Top” _builder_version=”4.27.6″ _module_preset=”default” header_font_size=”22px” background_color=”#397389″ custom_button=”on” button_bg_color=”#ff0019″ custom_margin=”-17px|||||” custom_padding=”16px||19px|||” global_module=”9695″ saved_tabs=”all” global_colors_info=”{}”][\/et_pb_cta][et_pb_video src=”https:\/\/www.youtube.com\/watch?v=9hWIUCjW1LI” disabled_on=”on|on|on” _builder_version=”4.27.6″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_video][et_pb_text admin_label=”1″ _builder_version=”4.27.6″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

California\u2019s proposed billionaire wealth tax (Proposition 40) dominates this week\u2019s news cycle, with the California Democratic Party narrowly endorsing it after intense behind-the-scenes lobbying by SEIU-UHW and a pivotal appearance by Rep. Maxine Waters, even as Gov. Newsom, the California Teachers Association, and other prominent Democrats oppose it in favor of alternative tax approaches.<\/strong><\/h2>\n

 <\/p>\n

The battle has already raised $140 million in campaign funds. Beyond California, New York’s Mayor Mamdani is facing backlash over a messy rollout of a pied-\u00e0-terre tax on luxury second homes, Maine has enacted a 2% millionaire surtax that supporters say will stabilize the workforce, and Washington voters will decide in November whether to repeal the state’s new 9.9% tax on incomes over $1 million.<\/strong><\/em><\/h3>\n

 <\/p>\n

Please find summaries of relevant articles with web links below.<\/strong> Please reach out to any member of your Brownstein National Tax Policy Group team with questions or to set up a meeting.<\/a><\/p>\n

California Wealth Tax Initiative 2026: Latest Polls – The New York Times<\/a>
The New York Times has set up a page on their website tracking recent polling on the California wealth tax proposal.<\/p>\n

California<\/strong><\/h4>\n

California Democratic Party endorses billionaire tax \u2013 POLITICO<\/a>;\u00a0How wealth tax backers won over California Democrats – POLITICO<\/a>
Supporters of California\u2019s wealth tax (Proposition 40) spent months organizing behind the scenes to win the California Democratic Party\u2019s endorsement, culminating in an appearance by Rep. Maxine Waters (D-CA) at the party\u2019s executive board meeting, where she cast one of the deciding votes. SEIU\u2011UHW and allied backers lobbied board members and delegates via mail, gift baskets, emails, texts, in\u2011person meetings, and a reception before the vote, arguing that Democrats shouldn\u2019t be scared to tax billionaires and presenting internal polling showing strong support among Democratic voters. Opponents, including Planned Parenthood, the California Teachers Association, and the Building Trades, made their case but narrowly lost. The initial floor vote failed to reach the 60% threshold, but a re\u2011vote following Waters\u2019 arrival cleared the margin by less than two percentage points. The endorsement gives the Prop 40 campaign access to state party infrastructure and a credibility boost as SEIU\u2011UHW seeks further county party endorsements and a broader progressive coalition, though the article notes that party endorsements don\u2019t always translate into electoral success.<\/p>\n

Khanna says billionaires scared Democrats off wealth tax – POLITICO<\/a>
Rep. Ro Khanna (D-CA) describes how he was the lone supporter in California\u2019s congressional delegation of a proposed state wealth tax for a long time. He argues that other Democrats were scared off by a Silicon Valley\u2013backed effort to primary him and by threats from major donors who urged him to retreat and warned his stance could end his career. Although Rep. Khanna beat his challenger handily and recent endorsements from Rep. Maxine Waters, the California Democratic Party, and the California Federation of Labor Unions have strengthened the campaign for Proposition 40, he notes that most prominent Democrats still avoid backing the proposal.<\/p>\n

California Democrats Want to Tax Billionaires. They Can\u2019t Agree on How. – The New York Times<\/a>
California Democratic Party\u2019s executive board narrowly endorsed Proposition 40 after a three\u2011day debate that exposed deep divisions among Democrats over how to tax the rich. Backed primarily by SEIU\u2011UHW as a way to restore Medicaid funding, the measure pits health care workers and their union against other progressive groups and unions, like the California Teachers Association and Planned Parenthood, which favor a separate permanent income tax on high earners (Proposition 3) and worry the wealth tax is short\u2011term, divisive, and could drive entrepreneurs out of the state. California\u2019s fight within a broader national struggle over wealth inequality and Democratic tax strategy, noting that Gov. Newsom and other moderates prefer more conventional tools such as income, capital gains, and estate tax hikes, while Rep. Khanna and progressive populists frame the wealth tax as a defining test of whether the party stands with donors or the working class Americans.<\/p>\n

California Democrats Run Over Newsom on the Wealth Tax – WSJ<\/a>
The Wall Street Journal Editorial Board argues that if the billionaire tax proposal passes, it will accelerate the Democratic Party\u2019s shift toward wealth taxation nationally, potentially making a wealth tax a 2028 platform plank. The Board suggests Gov. Newsom\u2019s attempt to balance his opposition to the state measure with support for a national wealth tax may still leave him politically vulnerable within his party.<\/p>\n

Billionaire-tax battle costing a fortune – SF Examiner<\/a>
California\u2019s battle over the wealth tax proposal, and the competing ballot initiatives have already raised $140 million, making it one of the state\u2019s costliest ballot-measure fights. SEIU\u2011UHW has raised $31.4 million to support Prop. 40, arguing the revenue would primarily fund healthcare and prevent coverage losses and layoffs. Billionaire-backed opponents have raised $108.8 million, largely through Sergey Brin\u2019s Building a Better California, to defeat it and advance measures that would limit new taxes and effectively block wealth taxes.<\/p>\n

Momentum Grows For Billionaire Wealth Tax in California – Newsweek<\/a>
California\u2019s wealth tax proposal has gained momentum through endorsements from the California Democratic Party and the California Nurses Association, joining support from SEIU\u2011UHW, Bernie Sanders, Ro Khanna, and other labor and advocacy groups. Polling shows 54% of likely voters support it ahead of the November 3 vote.<\/p>\n

New York<\/strong><\/h4>\n

Mamdani Pied-\u00e0-Terre Tax Rollout is Unsettling New York City Elites | Real Estate for August 5 – WSJ<\/a>
Mayor Mamdani\u2019s new pied-\u00e0-terre tax on second homes worth $5 million or more is unsettling the city\u2019s wealthy residents, especially after the administration published a broad public list of properties that could be subject to the tax. The rollout has been bumpy: homeowners are receiving notices that they may owe the tax and some long-time primary residents say they are being wrongly targeted and face a burdensome process to prove their homes shouldn\u2019t be taxed.<\/p>\n

Maine<\/strong><\/h4>\n

Millionaire tax is good for Maine businesses, good for Maine \u2013 Portland Press Herald<\/a>
Nate Barr, a Maine manufacturing business owner, argues that the state\u2019s new millionaire tax will help businesses by funding childcare, housing, education, and other supports that allow workers to remain employed and reduce turnover. The 2% surtax applies only to income above $1 million for individuals and $1.5 million for joint filers, not to total business revenue. He argued that it will affect few small-business owners. In his view, the estimated $75 million in annual revenue will support a more stable workforce and healthier state economy.<\/p>\n

Washington<\/strong><\/h4>\n

Washington primary offers early clues on millionaires tax repeal fight \u2013 KOMO TV<\/a>
Washington voters will decide in November whether to repeal the state\u2019s new 9.9% tax on incomes over $1 million through Initiative 645, which would also prohibit future state and local income taxes. While the primary election showed that many lawmakers who supported the tax performed well, the tax was not directly before voters and that the November electorate may differ.<\/p>\n

[\/et_pb_text][et_pb_cta title=”Want to learn more?” button_url=”https:\/\/familyenterpriseusa.com\/polling-and-research\/wealth-tax\/” button_text=”Visit our State and Federal Wealth Tax Tracker – Click Here ” admin_label=”State and Federal Wealth Tax Tracker CTA” _builder_version=”4.27.6″ _module_preset=”default” background_color=”#fc2f36″ custom_padding=”13px||18px|||” global_module=”17129″ global_colors_info=”{}”][\/et_pb_cta][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Brownstein Hyatt Farber Schreck Logo & About” _builder_version=”4.22.1″ text_font=”||||||||” text_font_size=”16px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/www.bhfs.com\/” link_option_url_new_window=”on” border_color_all=”#FFFFFF” border_style_all=”none” global_module=”6751″ global_colors_info=”{}”]<\/p>\n

\"\"<\/p>\n

About Brownstein Hyatt Farber Schreck
<\/strong>Brownstein Hyatt Farber Schreck is a unique law firm. Walk into any of our offices and you\u2019ll immediately recognize a different type of energy. Complacency doesn\u2019t have a place here. Flexibility and inspiration do.\u00a0Our culture and enthusiasm allow our attorneys, policy consultants and legal staff to stay ahead of our clients\u2019 needs and provide them with the resources they require to meet their business objectives.<\/p>\n

[\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.27.4″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n

We hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n

As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n

The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” disabled_on=”on|on|on” _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider disabled_on=”on|on|on” admin_label=”Video Slider Family Business Stories 2″ _builder_version=”4.27.4″ _module_preset=”default” disabled=”on” global_module=”6670″ global_colors_info=”{}”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=y9VszpRjVDM” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=03T2VODneEg” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fHIxWaTwK64″ _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=TI7P07GbNdU&t=27s” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n

\n

Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n

\n

[\/et_pb_text][et_pb_text disabled_on=”on|on|on” admin_label=”Hash tags & Tags” _builder_version=”4.27.6″ _module_preset=”default” disabled=”on” global_module=”6498″ global_colors_info=”{}”]<\/p>\n

#incometax #CapitalGainsTax #R&DExpensing #DontPunishSuccess #GrantorTrusts #StepUpinBasis #likeKindExchanges #AcceleratedDepreciation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #incometaxrates #repealestatetax #AdvocatingForFamilyBusinesses #FamilyOwnedBusiness #WomenOwnedBusiness @FamilyEnterpriseUSA #FamilyEnterpriseUSA #FEUSA<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

California\u2019s proposed billionaire wealth tax (Proposition 40) dominates this week\u2019s news cycle, with the California Democratic Party narrowly endorsing it after intense behind-the-scenes lobbying by SEIU-UHW and a pivotal appearance by Rep. Maxine Waters, even as Gov. Newsom, the California Teachers Association, and other prominent Democrats oppose it in favor of alternative tax approaches.   […]<\/p>\n","protected":false},"author":2,"featured_media":18072,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,115],"tags":[],"class_list":["post-18066","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18066","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18066"}],"version-history":[{"count":6,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18066\/revisions"}],"predecessor-version":[{"id":18075,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18066\/revisions\/18075"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/18072"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}