Katie Porter rips apart California billionaire tax and reveals where the cash will actually go

Failed California gubernatorial candidate Katie Porter, who had promised to quit politics, has instead leaned all in on opposing the state’s proposed one-time billionaire tax.

The former congresswoman wrote an op-ed blasting Prop 40, a one-time 5% levy on the wealth of all billionaires in California that supporters say would help soften the impact of health care cuts.

The Democrat did not hold back her criticism of the “ass backwards” measure, which will appear before voters in November.

“Proposition 40 is a prime example of a seemingly progressive-sounding policy solution that ultimately just perpetuates the status quo,” Porter said.

“It does nothing to reform our healthcare system and would send billions in tax dollars to private health insurance companies and corporations that dominate our healthcare system,” she claimed.

Porter said the “band-aid” proposal won’t fix inflation-driven skyrocketing health care costs and that there are zero guarantees the revenue would actually reach patients.

She noted that the California Medical Association, the California Primary Care Association and Planned Parenthood Affiliates of California all opposed Prop 40.

Additionally, she reiterated opponent’s claims that the measure threatened the state budget if wealthy Californians fled the state, in turn devastating the state’s economy.

“Trading recurring general fund revenue, which reliably pays for schools, public safety and healthcare year after year, for a one-time cash infusion is a bad deal for California’s future,” she said.

The Post reached out to the Yes on Prop 40 campaign for comment on Porter’s claims.

Before September, Porter made few mentions of her Proposition 40 opposition and for slightly different reasons. During a gubernatorial primary debate, she called Prop 40 “simply not good tax policy.”

It would only tax billionaires once, but the state has ongoing needs for revenue, she explained at the debate. She wanted the measure to go further, saying “half billionaires” should pay more, too. Too much of the revenues would go toward healthcare, leaving out other programs, she added.

Porter, a self-branded progressive, has still maintained her stance that “billionaires should pay their fair share.”

Her more outspoken criticism comes right as Newsom appointed the progressive from Orange County to the California Community Colleges Board of Governors. The position, which still requires state Senate confirmation, would pay $100 for each day Porter conducts official business.

Gov. Newsom has been one of the most prominent Democrats to oppose Prop 40 and reportedly worked behind the scenes to get left-leaning organizations like Planned Parenthood to throw weight against the tax, which is already opposed by most conservatives.

Porter finished fifth in California’s crowded top-two gubernatorial primary in June, receiving 403,908 votes, or 4.4% of the total, according to state election returns. The defeat followed her distant third-place finish in the 2024 primary for the US Senate seat ultimately won by Adam Schiff.

Allegations around her temperament have dogged her mixed political career.

Porter’s ex-husband alleged in 2013 divorce filings that she once dumped a bowl of steaming mashed potatoes on his head during an argument, burning his scalp. Porter disputed his broader account of their troubled marriage and made allegations of her own in court filings.

During the governor’s race, leaked footage from a taped interview showed Porter berating a staffer who entered the camera frame, telling the aide to “get out of my f—ing shot.” 

Porter later apologized for yelling at the employee and acknowledged that she “could have been better” in that and other tense encounters.

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