An NBER study estimates the tax would collect $30 billion in revenue but cause a mean net present value loss of $39 billion as billionaires exit the state. Google co-founder Sergey Brin has spent $138 million to defeat the measure, an expenditure 40 times larger than his total political spending over the previous 20 years. Governor Gavin Newsom also opposes the measure, which voters will decide on Nov. 3.
Wednesday, October 21, 2026
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Teachers Union Rejects California's First Billionaire Wealth Tax
US Politics15 hours ago
The likelihood of Proposition 40 passing has fallen to 23% in prediction markets following a recommendation from the California teachers union to vote against the measure. The first-in-the-nation proposal would impose a one-time 5% tax on the assets of roughly 200 billionaires to fund offsets for federal cuts to Medi-Cal. Proponents of the levy are being outspent 99.9% to 0.1% in television advertising by opposing groups that have raised close to $300 million.
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