Jensen Huang wealth tax comments put California’s Proposition 40 at the center of a tax fight that could reach him personally. The Nvidia co-founder and CEO said in a CBS News interview that he would happily pay more taxes if the measure passes.
Huang said paying taxes is “it's a privilege, it's a responsibility” and added that “nothing would give me more joy” than paying more. He also said, “The fact that I can afford to pay $8 billion in taxes over five years is a privilege,” and added, “I'm not afraid of paying taxes. I'm just afraid of being poor.”
Jensen Huang and Proposition 40
Proposition 40 is described as a one-off wealth tax on 5% of the net worth of any billionaire living in California as of January 1 of this year. The measure is estimated to generate more than $108 billion in revenue and would fund public healthcare services, education, and food assistance programs.
Huang’s remarks came as California is approaching the November 3 vote on the proposal. The article says the state is home to around 260 billionaires, and Huang’s net worth was recently pegged by Forbes at more than $197 billion.
That makes the tax personal for Huang in a way most ballot fights are not. A 5% levy on a net worth above $197 billion can quickly reach billions of dollars, and the article says his bill could climb to up to $8 billion over five years if Proposition 40 passes.
Nvidia CEO on taxes
Huang tied the comments to his own path to the U.S. from Taiwan at age nine, when his parents sent him and his older brother to live with an uncle. He told CBS he is the ultimate American dream, and said in the same interview that he tries to pay employees as much as possible.
He also framed the tax question around success. “The more you make, the more taxes you pay. So, I'm okay with that,” he said. For Huang, the immediate issue is not whether he can absorb a larger tax bill; it is whether California voters will approve a levy that would pull billions from the state’s richest residents.
November 3 is the date that matters now. If voters approve Proposition 40, California’s wealth tax would move from campaign argument to a bill that applies to billionaires living in the state as of January 1.
