Politics · 8 d ago
California's billionaire tax faces a tough road as opponents far outspend its backers
One-time tax on billionaires' assets
5 %
Californians vote Nov 3 on Proposition 40, a one-time 5 per cent tax on the assets of the state's billionaires.
Opponents raised
US$300M+
Backers raised
US$32M
Billionaires have given more than US$300 million to fight it, the most expensive ballot measure ever, while backers raised US$32 million.
Governor Gavin Newsom opposes the tax, calling it poorly written, even though the state Democratic party endorses it.
What's next
A poll shows narrow support for the tax, but also for two rival measures that could cancel it. Only about a third of citizen initiatives pass.
