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

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A millionaire in California who supports taxing the wealthy shared his disappointment that Prop. 40 was rejected, and his hope for future efforts.

This as-told-to essay is based on conversations with Scott Ellis, a 56-year-old millionaire who lives in Silicon Valley, about Proposition 40, California's proposed 5% billionaire wealth tax, which was rejected by California voters on November 9. Ellis is a member of Patriotic Millionaires, a group of wealthy Americans who advocate for a fair tax system, a livable wage, and equal access to political power. The following has been edited for length and clarity. (Editor's note: This article was first published in January 2026 and updated on November 12, 2026.) I'm disappointed, but I'm not surprised.

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