For Immediate Release
Tuesday, October 20, 2026
“40 for 40:” Over Forty California Multimillionaires Sign Open Letter Urging “Yes” on Prop 40
Signers of Californians Proud to Pay open letter include Saikat Chakrabarti, Tim Disney, George Zimmer, Matthew Cooke, Jaron Lanier, and more.
New poll of California millionaires also finds majority support for Prop 40, along with higher taxes on the wealthy in general.
WASHINGTON, DC—Today, Patriotic Millionaires and Tax the Ultra-Rich Now (TURN) have released an open letter from over forty California multimillionaires, Californians Proud to Pay, urging their fellow Californians to vote “yes” on Proposition 40 in the upcoming election. If it passes, Prop 40 would establish a one-time, 5% tax on the net worth of billionaires living in California as of January 1, 2026. It would also be the first tax specifically on billionaires anywhere in the world.
Notable signatories include Saikat Chakrabarti, former congressional candidate and founding engineer at Stripe, Inc.; Tim Disney, filmmaker and author of The A.R.C.; George Zimmer, the founder of Men’s Wearhouse; Matthew Cooke, producer and editor of Oscar-nominated documentary, Deliver Us From Evil; and Jaron Lanier, founder of VPL Research, one of the first companies to sell virtual reality products.
Signatories hail from cities and towns all over the state and come from a wide variety of industries, including finance, tech, consulting, publishing, retail, the arts, academia, and more.
The letter states: “People like us can afford to live wherever we want. We choose to live in California because we love our state. We are willing to pay higher taxes if it means a brighter, healthier California for ourselves and our neighbors. If there’s a price tag on our beaches, our mountains, our piers, our cable cars, our forests, and our state parks, we’re proud to pay it. As multimillionaires, we’re willing to do our part. It’s past time for billionaires—our thousand millionaire cousins—to do theirs.”
The publication of the letter coincides with the release of a YouGov poll on California millionaires that assessed their attitudes towards tax and wealth, including Prop 40.
Key findings from the YouGov poll include:
- 57% of California millionaires support Prop 40
- 54% support Prop 3, which would permanently extend higher marginal income tax rates on high earners set to expire in 2031, made possible by Prop 30 in 2012 and Prop 55 in 2016
- 60% support higher taxes on those with extreme wealth if they were earmarked for state health and education programs
- 72% think that tax is a vital part of democracy
- 67% think it’s patriotic to pay your taxes
- 56% said they would not leave California if they were asked to pay a little more in taxes
- 53% think all states should introduce wealth taxes to prevent disparities between states
- 78% agree billionaires have too much influence in state elections
Saikat Chakrabarti, a former congressional candidate and founding engineer at Stripe, Inc., said: “There is a lot of fear that Prop 40 is going to spark a brain drain from California, and particularly from Silicon Valley. I’m not a billionaire, but I have enough experience building wealth in California’s tech sector to know this fear is overblown. A one-time, retroactive tax on 200 or so billion-dollar fortunes is in no way going to disincentivize future innovators from coming to/staying in the tech capital of the world and creating new products, services, and businesses. If I can afford to pay more in tax, so can my billionaire neighbors—especially as many of them make a killing with advances in AI. And if I am proud to pay more to reinvest in the state that made my success possible, so should they.”
Tim Disney, filmmaker, author of The A.R.C., and member of Patriotic Millionaires, said: “This one-time levy on a handful of the state’s wealthiest residents will prevent millions of Californians from having their health care torn away from them by Trump’s cruel One Big Beautiful Bill. That is reason enough to support its passage. But as the first tax of its kind anywhere, it also represents the opening salvo in what will be a generational battle to redefine who our government exists to serve—the super wealthy, or everyone else. Prop 40 is about dignity, decency, and fairness. I am proud to support it, and I encourage you to do so as well. We must not let this opportunity slip away.”
For interview requests with the signers of Californians Proud to Pay or representatives from Patriotic Millionaires or TURN, please contact Emily McCloskey at emily@patrioticmillionaires.org.
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About Patriotic Millionaires
Patriotic Millionaires is a collection of wealthy Americans that leverages its influence and unique voice to advance a vibrant and equitable economy, built on the foundation of a fair tax system, a livable wage floor, and equal access to political power. Learn more at patrioticmillionaires.org.
About Tax the Ultra-Rich Now
Tax the Ultra-Rich Now (TURN) is a coalition of working families, health care workers, educators, and everyday Californians fighting to shrink the power billionaires hold over our economy, our democracy, and our future. Learn more at voteyeson40and3.org.