Mark Ruffalo Criticizes Newsom Over Wealth Tax Stance
Actor Mark Ruffalo challenged the California governor for his opposition to a proposed billionaire wealth tax.
Updated on Oct. 21, 2026 in Taxes
Live Poll
Do you support state-level wealth taxes on billionaires?
Actor Mark Ruffalo publicly criticized California Governor Gavin Newsom on social media for opposing Proposition 40, a measure proposing a 5 percent wealth tax on residents with $1 billion or more in assets. Newsom has instead voiced support for Proposition 42, which would prohibit the state from enacting retroactive taxes.
Why it matters
The dispute highlights a growing divide over state-level fiscal policy, with Newsom arguing that wealth redistribution should be handled at the federal level to protect personal savings. Supporters of the wealth tax contend that the measure is necessary to address wealth inequality, while opponents worry about the implications for state tax law.
Proposition 40 calls for a 5 percent tax on the net worth of residents with assets exceeding $1 billion, with potential payment options spread over five years. This proposal currently faces opposition from the governor despite its specific billionaire threshold.
The players
Mark Ruffalo
He is an American actor and activist who frequently speaks out on political issues including climate change and economic policy.
Gavin Newsom
He is the Democratic Governor of California who has served in the position since 2019.
Debru Carthan
She is a representative of the Service Employees International Union-United Healthcare Workers West who has opposed the governor regarding Proposition 42.
The details
Lobbyists advocating for Proposition 42, which seeks to ban retroactive taxes, are currently utilizing Newsom’s public statements to build momentum against the proposed wealth tax. Ruffalo’s criticism on X brought renewed attention to the governor’s stance, as the policy debate intensifies ahead of the upcoming election.
Timeline
Summer 2026: Governor Newsom outlined his preference for federal rather than state wealth taxation.
October 2026: Governor Newsom formally supported Proposition 42.
October 16, 2026: Mark Ruffalo posted criticism of the governor on the social media site X.
November 2026: California voters are scheduled to cast ballots on Proposition 40.
2027: Wealth tax payments would be due if the measure is approved by voters.
Market Dynamics
The debate over California's Proposition 40 reflects a broader tension between state-level economic policy and federal jurisdiction. This shift mirrors the structural complexity seen in the Inflation Reduction Act's Medicare drug-price negotiation provisions regarding federal oversight.
High-net-worth residents with assets exceeding $1 billion may face significant tax liabilities in 2027 if Proposition 40 is approved by voters. Investors should monitor the November election results closely, as the potential five-year repayment plan could impact long-term portfolio liquidity.
The takeaway
The ongoing debate over state wealth taxes emphasizes the importance of tracking local ballot initiatives that could significantly alter tax obligations. Residents should stay informed about how these competing propositions might impact their long-term financial planning before the November vote.
What happens next
California voters will decide the fate of Proposition 40 and Proposition 42 in the November 2026 general election.
Further reading
Learn more about the state's fiscal climate at the California Taxes section.
Source note: This article includes information reported by The Western Journal.
Live Poll
Do you support state-level wealth taxes on billionaires?
