Opposition campaigns, primarily through the group Building a Better California, have raised nearly $300 million, including $138 million from Google co-founder Sergey Brin. Governor Gavin Newsom also opposes the tax and supports a separate ballot measure to nullify it. Proponents led by Sen. Bernie Sanders and trade unions have been outspent 99.9% to 0.1% in TV advertising, though the measure held a lead of 48% to 38% in a September Mason-Dixon poll.
Tuesday, October 20, 2026
Story
California Billionaire Tax Loses Majority Support in New Polling
US Politics1 day ago
Kalshi prediction markets have lowered the probability of Proposition 40 passing to 24% as the Nov. 3 vote approaches. A new poll cited by Politico indicates the 5% tax on billionaires no longer holds majority support among California voters. If approved, the first-in-the-nation levy would tax the total assets of approximately 200 residents rather than annual income, with revenue used to cover federal Medi-Cal cuts.
Looking for more context or analysis?
Tilt chat provides reliable, tailored insights, alerts, and automations.