The opposition nonprofit Building a Better California has raised nearly $300 million to defeat the initiative, including a $138 million contribution from Google co-founder Sergey Brin. Voter sentiment remains divided, with a Mason-Dixon poll showing 48% favor the tax, while an IVC Media poll shows the measure trailing 38% to 40%. Governor Gavin Newsom has opposed the levy, arguing it encourages wealth flight, though Senator Bernie Sanders has called it the most important ballot measure in America.
Wednesday, October 21, 2026
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California Tax Agency Pursues Billionaires Fleeing 5% Wealth Tax
US Politics14 days ago
Wealthy residents are relocating across state lines to avoid an asset levy on the state's ultra-rich while the government readies enforcement actions to track them. The proposed measure, Proposition 40, would impose a one-time 5% tax on roughly 200 billionaires to fund federal Medi-Cal cuts. If passed, the levy would mark the first time a U.S. government has successfully taxed the assets of extremely rich people as a class rather than their income.
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