The measure would impose a one-time 5% tax on roughly 200 billionaires in California to fund federal Medi-Cal cuts. Sen. Bernie Sanders recently rallied in San Francisco to support the tax, even as Gov. Gavin Newsom warned the levy could cause the wealthy to leave the state. Support for the tax has shifted in recent polling; a Mason-Dixon survey conducted Sept. 21-24 showed 48% favor the tax against 38% opposed, but a subsequent IVC Media poll from Sept. 23-28 found it trailing 38% to 40%. Prediction markets currently assign the tax a 28% chance of passing.
Wednesday, October 21, 2026
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CA Billionaire Tax Opponents Raise Nearly $300M to Defeat Prop 40
US Politics16 days ago
The nonprofit Building a Better California added $44.5 million to its war chest in early October from prominent Silicon Valley donors to fight a first-of-its-kind asset levy. New contributions include $11 million from Patrick Collison, $10 million from John Doerr, and $7.9 million from Eric Schmidt, bringing the total raised to nearly $300 million. The funds are being used to oppose Proposition 40, with opposition forces heavily outspending pro-tax grassroots movements on television advertising.
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