Huang Says $8 Billion California Tax Would Be a Privilege

Nvidia CEO Jensen Huang said he would accept a potential $8 billion California tax bill, calling the ability to pay it a privilege. In a CBS News interview, he said he was not afraid of taxes, but was “afraid of being poor.”

Huang also described paying the tax as a responsibility and said he would be glad to pay more. The remarks stand apart from opposition among some wealthy Californians to the proposed levy.

Proposition 40, which voters will decide on November 3, would impose a one-time tax of up to 5% on certain taxpayers with more than $1 billion in covered assets. The measure applies to people who were California residents on January 1, 2026; the state’s nonpartisan Legislative Analyst says payments could be spread over five years, with an added cost.

The proposal directs 90% of revenue to health care and the remaining 10% to food assistance or education-related programs. The Legislative Analyst estimates the tax would raise tens of billions of dollars over several years, while possibly reducing annual state income-tax revenue from billionaires by less than $1 billion.

Huang’s $8 billion figure is an estimate, not a tax assessment. The amount would depend on how the measure is applied and on the value of assets, including securities. The Legislative Analyst notes that stock prices change, making the state’s eventual collections difficult to forecast.

That link to Nvidia shares makes the proposal relevant beyond Huang’s personal finances: the value of his holdings can shift with the stock price. But his comments do not change the measure’s status or determine its outcome.

Investors and California taxpayers now face a clear next date: November 3, when voters decide whether the measure becomes law. If approved, the tax would be due in 2027, with an option to pay over five years.