SAN JOSE, Calif. (Diya TV) — Nvidia CEO Jensen Huang said he would accept an estimated $8 billion tax bill if California voters approve Proposition 40, a proposed tax on billionaires.
“The fact that I can afford to pay $8 billion in taxes over five years is a privilege,” Huang told CBS News. He called paying taxes a responsibility and said he would willingly pay more.
Proposition 40 would impose a one-time tax equal to 5% of the net worth of California residents who held more than $1 billion in covered assets and lived in the state on Jan. 1, 2026. Voters will decide the measure Nov. 3.
The tax would apply to assets such as businesses, stocks, bonds, artwork and intellectual property. It would exclude real estate and some retirement assets. Taxpayers could pay in 2027 or spread the cost over five years at a higher total amount.
Supporters say the measure could raise about $100 billion, primarily for health care programs. California’s nonpartisan Legislative Analyst’s Office offers a more cautious estimate, saying the measure would likely generate tens of billions of dollars over several years.
Opponents, including Gov. Gavin Newsom, argue that the tax could drive wealthy residents and businesses out of California, reducing future income-tax revenue. Supporters say it would require the state’s wealthiest residents to help offset cuts to health care and food assistance programs.
Huang rejected calls for wealthy Californians to leave the state over taxes. His remarks distinguish him from several technology billionaires who have donated money to defeat the measure.
