California millionaire says wealth tax defeat leaves health care at risk

Ellis, 56, belongs to Patriotic Millionaires, a group that advocates higher taxes on wealthy Americans, a livable wage and broader access to political power. He said the ballot campaign had at least opened a conversation about how much wealth is too much, even though supporters were outspent roughly 10 to 1.

He warned that the conditions behind the measure remain and could worsen as federal funding cuts reach states and local communities. The proposal was on the ballot because of health-care cost concerns, he said, adding that millions of people could lose coverage and suffer as a result. Ellis said he was worried about the economy, society and democracy, but not his own finances: “I’m going to be fine — I’ve been very financially fortunate.”

Ellis pointed to Sergey Brin’s spending of more than $100 million in a single state election as an example of how concentrated wealth can influence democracy. He said he hoped voters would pay attention to how wealthy people responded to the measure and that future efforts would follow.

In the earlier account of his views, Ellis said he and his wife had built financial security through their careers, including her work at Yahoo, Google and Pinterest. He argued that people with $30 million in wealth have enough to live very comfortably, and proposed an annual 50% tax on household wealth above that level. He also said wealth-tax changes should be made at the federal level. The article identifies him as a member of Patriotic Millionaires, whose priorities include a fair tax system, a livable wage and equal access to political power.