Nvidia CEO Jensen Huang told CBS Sunday Morning he doesn't mind paying Proposition 40, California's proposed one-time 5% tax on billionaire net worth, calling an $8 billion bill over five years "a privilege." He did not endorse a yes vote. Californians decide the measure on November 3.
Nvidia CEO Jensen Huang told CBS Sunday Morning he does not mind paying California's proposed billionaire tax, calling the prospect of an $8 billion bill over five years "a privilege," according to CBS News. The interview aired October 18, 2026, and Fortune reported on it October 20.
Huang was the only billionaire who talked to CBS. CBS says no other billionaire it contacted would discuss Proposition 40. "I don't mind paying taxes; the more you make, the more taxes you pay, so I'm okay with that," Huang told correspondent Jo Ling Kent. He added, "I don't like tax dollars wasted. But I also support all that this country represents."
He framed the bill as a privilege. Asked about paying perhaps $8 billion over five years, Huang said, "The fact that I can afford to pay $8 billion in taxes over five years is a privilege... I'm not afraid of paying taxes. I'm just afraid of being poor." He also called himself "the ultimate American dream," crediting the country's education system and the chance to start a company.
He did not endorse a yes vote. In the CBS interview Huang said he was okay paying the tax. He did not urge Californians to vote for Proposition 40, and CBS does not report him campaigning for it.
What Proposition 40 would do. According to CBS, the measure is a one-time 5% state tax on the net worth of California's roughly 200 billionaires. Backers led by SEIU United Healthcare Workers West expect it to raise $100 billion over five years, with 90% earmarked for health care. Union leader Dave Regan says it would offset federal Medicaid cuts.
The plain-language version. Most billionaire wealth sits in stock, which is not taxed until it is sold. Prop 40 would instead tax a slice of total net worth once, due in 2027; taxpayers could choose to spread payments over five years, at extra cost, according to the Legislative Analyst's Office. If you are not a California billionaire, the tax does not apply to you, though voters decide it.
Opposition is broad and well funded. CBS reports Google cofounder Sergey Brin is spending more than $100 million against the measure. Governor Gavin Newsom calls it "a flawed initiative," and former Rep. Katie Porter warns it could drive the wealthy out of the state. CBS reports Peter Thiel, Larry Page and Sergey Brin have left California since the tax was proposed; Fortune says Page and Brin moved business entities to Florida and Nevada ahead of the Jan. 1, 2026 residency cutoff.
Two rival measures could cancel it. Propositions 41 and 42 are also on the ballot. If either gets more votes than Prop 40, the wealth tax is effectively nullified, according to CBS.
Huang's wider view on taxes. Fortune reports Huang has urged people to "move to California, don't leave" despite its high taxes. He has also said he is skeptical of proposals to tax robots and AI tokens.
What's next. California votes on November 3, 2026. CBS says polls are tightening. Fortune said it had reached out to Nvidia for comment.
Verified October 22, 2026 against CBS News and Fortune reporting. This story first circulated on X via an aggregator post that described Huang as supporting the tax; that wording overstates what he said.
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