California billionaires spend $340m fighting proposed wealth tax
California opponents of a one-time 5% billionaire wealth tax have raised over $340 million to defeat it.
California voters will decide in early November whether to impose a one-time 5% tax on the state's billionaires. Proposition 40 would raise money for healthcare, along with some education and food assistance.
Opposition campaigns have raised more than $340 million to fight the measure. Opposition campaigns are spending over $1 million per day on advertising, mailers and phone calls.
During the first 19 days of September alone, opponents spent at least $21.2 million. Top donors include Google co-founder Sergey Brin ($102 million) and former Google CEO Eric Schmidt ($42 million).
Other major donors are venture capitalists, crypto executives and tech company leaders including Peter Thiel, Tony Xu and Patrick Collison. Recent polling shows 45% favour the tax and 42% oppose it, down from a 7% lead just a month earlier.
Two rival ballot measures could block Prop 40 even if it passes.
- Over $340 million
- Opposition campaign raised
- Over $1 million
- Daily spending rate
- $102 million
- Sergey Brin donation
- 45% favor vs 42% oppose
- Current support gap
Why it mattersThe outcome shapes how future states approach wealth taxation and whether tech billionaires can spend their way around popular tax proposals.
AustraliaNo direct Australian effect yet, but the result could influence how other democracies respond to wealth inequality and whether billionaires' political spending power grows globally.
✓ Claims checked against the source. checked 3 h ago
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