Opposition group Building a Better California has raised nearly $300M to defeat the measure, including $138M from Google co-founder Sergey Brin. Recent filings show a new $44.5M surge in funding, with contributions of $11M from Patrick Collison and $10M from John Doerr. While Senator Bernie Sanders is campaigning in favor of the tax, an IVC Media poll shows the initiative trailing with 38% support compared to 40% opposition.
Wednesday, October 21, 2026
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Newsom Backs Measure to Cancel California 5% Billionaire Tax
US Politics6 days ago
The governor of California is supporting a separate ballot initiative that would nullify the proposed levy on the assets of the state's wealthiest citizens. This move aims to block Proposition 40, a one-time 5% tax on billionaires that would mark the first time a U.S. government taxed assets rather than income. Governor Gavin Newsom argues the tax encourages wealth flight, and the new counter-measure he backs would cancel out the effort to use the levy to fund federal Medi-Cal cuts.
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