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NewsLos Angeles Times – PoliticsOctober 31, 2026Los Angeles County

Proposed California billionaire wealth tax ballot measure could impact sports team owners and ticket prices

Photo: Los Angeles Times – Politics

A proposed ballot measure would impose a one-time 5% levy on many billionaire assets in California, creating potential tax liabilities for sports team owners depending on their residency status. Supporters argue the tax will offset federal healthcare funding cuts, while opponents warn it could raise ticket prices and harm local economic engines.

TaxesSportsHealthcareElections
Read the full story at Los Angeles Times – Politics

Why It Matters

The measure introduces a 5% levy on billionaire assets that could alter operating costs for professional sports teams and shift ticket prices for fans, while raising funds tied to billions in federal healthcare reductions.

Key Facts

  • Proposition 40 would impose a one-time 5% levy on many of the assets of billionaires, including holdings in companies.
  • More than $404 million has been donated to efforts supporting and opposing the wealth tax.
  • Proponents of the ballot measure raised $36.5 million, while opponents received nearly $368 million.
  • A poll by UC Berkeley's Institute of Governmental Studies showed half of likely voters opposing the measure and 42% supporting it.
  • The tax's impact on sports team owners depends largely on whether they are declared official California residents.
  • The ballot measure was crafted by a healthcare union to compensate for federal healthcare cuts estimated to cost California $100 billion.
  • Meta created a new nonvoting type of stock to allow Mark Zuckerberg to pay the proposed tax while retaining voting power if he remains in the state for eight years.
  • The California Franchise Tax Board considers factors like employment, family location, mail delivery, and days spent in the state to determine residency.

Who's Mentioned

PersonKwanza Jones“Co-owner of the San Diego Padres”PersonMark Zuckerberg“Meta chief executive”PersonOscar De La Hoya“Professional athlete represented by Leigh Steinberg”PersonSan Kroenke“Owner of the Los Angeles Rams”PersonTroy Aikman“Professional athlete represented by Leigh Steinberg”PersonHasso Plattner“Owner of the San Jose Sharks”PersonBob Iger“Former Disney chief executive”PersonDrew Bledsoe“Professional athlete represented by Leigh Steinberg”PersonHenry Samueli“Owner of the Anaheim Ducks”PersonLeigh Steinberg“Sports agent”PersonJoe Lacob“Co-owner of the Golden State Warriors”PersonDean Spanos“Majority owner of the Los Angeles Chargers”PersonCary Schneider“Times Library Director”PersonCharles Johnson“Owner of the San Francisco Giants”PersonMichael Vick“Professional athlete represented by Leigh Steinberg”PersonSteve Ballmer“Owner of the Los Angeles Clippers”PersonMark Walter“Billionaire sports team owner”PersonPeter Guber“Co-owner of the Golden State Warriors”PersonPhilip Anschutz“Owner of the L.A. Kings and L.A. Galaxy”PersonDenise DeBartolo York“Owner of the San Francisco 49ers”PersonDr. Patrick Soon-Shiong“Los Angeles Times owner and sports team co-owner”PersonDavid Gamage“Tax law and policy professor”PersonVinod Khosla“Sun Microsystems co-founder”PersonRob Lapsley“President of the California Business Roundtable”PersonJosé E. Feliciano“Co-owner of the San Diego Padres”PersonJoshua Kushner“Venture capitalist”PersonPresident Trump“U.S. President”PersonJohn York“Owner of the San Francisco 49ers”