The opposition effort, coordinated by the nonprofit Building a Better California, has raised roughly $241 million, including $229 million from a group of 22 billionaires and a recent $12 million contribution from Eric Schmidt. Top donors include Sergey Brin, with a net worth of $273 billion, Peter Thiel at $28 billion and Chris Larsen at $13.7 billion. Despite the pollin lead, prediction markets currently estimate only a 28% probability of passage as the fight disrupts Democratic party unity and the gubernatorial election.
Wednesday, October 21, 2026
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Billionaire Tax Leads California Poll 48% to 38% Despite $241M Spend
US Politics21 days ago
A recent survey conducted between Sept. 21 and Sept. 24 reveals that support for a new tax on the wealthiest residents outpaces opposition among likely voters. The Mason-Dixon poll shows that 48% of Californians favor Prop 40, a first-of-its-kind 5% wealth tax on billionaires, compared to 38% who oppose it. Support is even stronger among Hispanic voters, where the measure leads 50% to 40%.
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