I'm a millionaire in California who supports taxing the rich. I'm disappointed Prop. 40 was rejected — people will suffer.

This as-told-to composition is according to conversations alongside Scott Ellis, a 56-year-old millionaire who lives in Silicon Valley, concerning Proposition 40, California's projected 5% billionaire prosperity tax, which was rejected by California voters on November 9. Ellis is a associate of Patriotic Millionaires, a collection of affluent Americans who protagonist for a fair tax system, a livable wage, and equal admission to governmental power. The following has been edited for dimension and clarity.

(Editor's note: This part was archetypal published in January 2026 and updated on November 12, 2026.)

I'm disappointed, but I'm not surprised. The actuality is that if people expend complete $300 million opposing item and group expend concerning $30 myriad in favor, you get outspent by 10:1. That does matter.

It was a big project to get it on the ballot in the archetypal place, and I was really delighted that it was, since it at smallest started us on what I think is the correct conversation: Let's conversation concerning wealth. How much prosperity do group have? Is there specified a item as too much? What should we do whenever group have too much?

I've been talking concerning prosperity and excessive prosperity for a figure of years. I awareness akin a few years ago, group were benevolent of humoring me. They're listening much additional earnestly now. There are conversations in my collection chats alongside allies concerning prosperity and prosperity taxes.

The conditions that led to this in the archetypal location haven't abruptly gone away, and they volition get worse. The enormous national backing cuts are operating their way through states and local communities. This was on the ballot since of the health disbursal implications. Millions of group are going to endure their healthcare; there volition be additional suffering.

There are tens of millions of voters in California who don't have a milliard dollars. They're the ones who chose to do this, and I anticipation they're watching. I think it have to be engaging for group to see how the wealthy responded. When I think concerning my involvement concerning excessive prosperity and how it distorts self-government and undermines our society, you couldn't ask for a clearer example than Sergey Brin spending complete $100 myriad in one province election.

The inquiry I ask everybody is, "Are you worried?" I'm concerned concerning the health of our economy, our society, our democracy. But I'm going to be fine — I've been extremely financially fortunate. I'm concerned concerning you, your healthcare, and your kids.

I'm extremely glad that this attempt was made, and I anticipation that additional efforts volition be made in the future.

Read Ellis' first as-told-to essay, published in January 2026, below:

I never idea I'd live in California. I grew up in Colorado, went to university in Boston, and lived in Texas. I came out current for endeavor academy since I wanted to be at Stanford, and since you could perform athletics during the winter.

Now I affection it here. It has nothing to do alongside taxes; taxes have never been anyplace on our catalog of criteria for deciding anywhere to live. I desire to live anywhere my family is and affection the weather, the jobs, and the dynamism.

Taxes are the cost that we pay to live in a civic society. We have to do this together. There are examples all about the earth of the power of productive government, and fair akin item else, authorities needs to be funded. We should create it productive and efficient.

I'm arrogant to pay the taxes I pay. I should pay taxes that are higher than another group since I have additional prosperity than another group — that makes sense.

My spouse and I achieved financial achievement in our careers

A lot of our financial achievement has been because of my wife's success, as fine as quarry at the commencement of our careers.

I went to Harvard undergrad, worked at McKinsey for three years, and afterward went to Stanford. I afterward worked at Hewlett-Packard for nearly eight years.

In 2007, my spouse was a VP at Yahoo, and we had two small kids. I looked at my boss's job and the CEO's job, and decided I didn't always desire those roles. I thought, "Uh-oh, I'm on this ladder, and it's not really anywhere I desire to go."

Ultimately, my spouse and I decided that I would stage rear and be the stay-at-home parent. My spouse continued her career, and she's been extremely prosperous in person net at Yahoo, Google, and Pinterest.

I developed an involvement in social issues in college

I studied poverty, municipal America, housing, transportation, and sociology in college, and started thinking additional concerning questions like: What does fairness appearance like? What does fairness appearance like? What would it appearance akin to build a awesome society?

I got occupied following my career, gathering my wife, and raising our kids, but as period passed and we progressed in our careers, I got rear into thinking concerning how we assistance others about us. I did a bunch of unpaid activity in distinct contexts, eventually becoming the COO and afterward the CSO of a nonprofit called New Teacher Center, which does intensive mentoring programs for new teachers.

Since 2012, I've started and run multiple nonprofits in the learning space, and advised nearly 200 individuals and organizations on things akin strategy, finance, operations, and culture.

I'm additionally really focused on addressing excessive prosperity and its effect on community and thinking concerning a forthcoming imagination for American democracy, which is how I came to Patriotic Millionaires, an institution of affluent Americans who protagonist for higher taxes on affluent group akin ourselves, a higher minimum wage, and a broader allocation of governmental power throughout our society.

I've been struck by the enormous gathering of wealth

In latest years, I've been struck by the enormous gathering of prosperity enabled by the person net space, globalization, and the construction of the backing industry. It's distinct from what it used to be in the '80s and '90s; this is a entire new ballgame.

More recently, I've been looking about Silicon Valley at all these group who are so incredibly wealthy, talented, and successful, and realizing how few of them are thinking concerning choosing to build a improved community together.

They're enthusiastic concerning starting new companies and raising new funds, but these are all group who have additional prosperity than they could always spend, and their next goal is to create equal additional money, chiefly for group who already have additional prosperity than they could always spend.

Meanwhile, 10% of our society is in poverty. It really feels unfair and wrong, and we can do better.

People don't need additional than $30 million

The projected billionaire prosperity tax in California doesn't effect me and my family directly. People may think, "You're blessed to lift taxes on another people."

But we need to commencement alongside a distinct conversation, concerning how much prosperity is enough, how much prosperity is too much, and what is financial success?

I accept that if you have $30 myriad in wealth, congratulations, you won capitalism. If you do the inspection of sensible funding returns and inflation, you can buy a really nice archetypal house, a nice second house, your kids' university is paid for, your end-of-life expenses are covered, and you have a very, extremely luxurious ongoing existence.

So much of achievement in existence is luck. Yes, group entirely get informed and activity hard. But it's been established that the wealthier group are, the additional they lean to attribute their wealth to how fine they are and how difficult they worked.

I appearance at sole moms operating three jobs, operating the night change — a heck of a lot of group who have small than $190,000 in prosperity [the median family wealth] are operating extremely hard.

Once you get beyond $30 myriad — and nearly no one always gets there — you get to a item anywhere your existence is so good, you really can't materially enhance your existence anymore. We should execute a extremely assured annual 50% tax on all family prosperity complete $30 million. Excessive prosperity turns into excessive power through huge run donations, which threatens and undermines self-government and capitalism.

The prosperity tax is a stage in the correct direction — but not enough

I'm entirely delighted that we're moving in this direction, but I accept changes to prosperity taxes need to happen at the national level.

When affluent folks bring up moving out of California, it's a distraction. All of a sudden, alternatively of us talking concerning the fact that millions of group are going to be either losing healthcare or paying much additional for healthcare, we're concerned concerning the 200 really affluent people who power move.

People move all the time. Companies move all the period for all kinds of reasons — it's fair part of business. These conversations happen all the period — like, "Oh my gosh, there won't be any additional companies in Silicon Valley." Well, 20 years later, appearance around. There are motionless several companies here; it's fair fine.

It's 65 degrees and sunny here. The CEO of Nvidia lately stated they'll be staying in California since that's anywhere the endowment is. We've got the Golden Gate Bridge, Hollywood, Tahoe, the Redwoods, the beach, and awesome weather. I'm really not concerned that group aren't going to desire to live in California.

I affection it here. My spouse and I are thinking concerning living in distinct cities for perchance a duration at a time, but I have no plans to go anyplace else. Although I certainly affection Colorado — I motionless have my Denver Broncos coasters and volition be cheering for my Broncos — I'm from Silicon Valley now, and that's anywhere I'm going to stay.