The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire tax
Summary
California voters will decide on Proposition 40 in November, a one-time 5% tax on billionaires to fund healthcare, education, and food programs. Tech billionaires have spent over $340 million to oppose the tax, with more than $1 million being spent daily on advertisements against it.Key Facts
- Proposition 40 proposes a one-time 5% tax on California billionaires.
- The money raised would fund healthcare, education, and food assistance programs.
- Tech billionaires like Sergey Brin and Eric Schmidt are the largest donors opposing the tax.
- Opposition spending has exceeded $1 million per day in September.
- Supporters include major unions and politicians like Senator Bernie Sanders and Congressman Ro Khanna.
- Opponents include both Democratic and Republican candidates for California governor and groups like Planned Parenthood Affiliates of California.
- Two other ballot measures, Proposition 41 and 42, could stop Proposition 40 even if it passes.
- Recent polls show support for Proposition 40 is close but has decreased as opposition spending increased.
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