Billionaires oppose California tax

A significant campaign has emerged over California’s proposed one-time billionaire wealth tax, Proposition 40, which would impose a 5% tax on billionaires’ assets to raise approximately $100 billion for healthcare. A billionaire-funded group, Building a Better California, donated $5 million to oppose the measure, marking the start of a costly fight. The proposition has divided California Democrats, with some supporting the tax and others, including Gov. Gavin Newsom and labor groups, opposing it due to concerns over economic stability and state finances. The opposition effort is also backing measures aimed at nullifying or weakening the tax, with some billionaires actively funding campaigns against it.

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