Opposition group Building a Better California has raised nearly $300 million to defeat the measure, including $138 million from Google co founder Sergey Brin and contributions from Patrick Collison and John Doerr. Governor Gavin Newsom opposes the tax and supports a separate initiative to nullify it, arguing it encourages wealth flight. While Sen. Bernie Sanders and trade unions are campaigning for the tax, an IVC Media poll shows the measure trailing with 38% support compared to 40% opposition.
Tuesday, October 20, 2026
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CA Billionaires Prepare Lawsuits to Block First US Asset Tax
US Politics4 days ago
Wealthy individuals in California are organizing a legal strategy to overturn Proposition 40 if the state's voters approve the measure on Nov. 3. The proposal would impose a one time 5% tax on the assets of the state's wealthiest residents, with the funds intended to cover federal Medi Cal cuts. If enacted, the levy would be the first time a U.S. government has taxed the assets of the extremely rich as a class rather than their income.
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