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

Scott Ellis is a millionaire in Silicon Valley who supported a proposed wealth tax on billionaires. After the proposition was rejected by Californians this week, Ellis was disappointed but not surprised. He said he's glad it's started important conversations about wealth, and hopes 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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