The opposition effort, led by the nonprofit Building a Better California, has raised $227 million, with a group of 22 billionaires contributing $229 million and Eric Schmidt recently adding $12 million. Despite the spending, a Mason-Dixon poll conducted Sept. 21-24 shows 48% of likely voters favor the tax compared to 38% who oppose it. While most of Silicon Valley remains opposed, Andreessen Horowitz general partner John O'Farrell recently criticized the ultra-wealthy's knee-jerk opposition to the measure.
Wednesday, October 21, 2026
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Sanders and Khanna Rally for First 5% Tax on 200 California Billionaires
US Politics17 days ago
A one-time tax on the state's wealthiest residents has become the center of a high-profile political battle as early voting opens across California. Sen. Bernie Sanders and Rep. Ro Khanna are visiting the state to rally this Saturday in support of Proposition 40, which would impose a 5% wealth tax on roughly 200 billionaires to fund offsets for federal Medi-Cal cuts. Gov. Gavin Newsom opposes the initiative, arguing that the tax would encourage the wealthy to relocate to other states to avoid payment.
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