California voters souring on proposed billionaire wealth tax

Summarised from 2 outlets · Updated 24 Oct, 00:57 · Archive

A new poll shows California voters are increasingly opposing Proposition 40, a proposed one-time 5% wealth tax on billionaires.

California voters are increasingly opposing Proposition 40, a proposed one-time 5% wealth tax on billionaires intended primarily to fund healthcare improvements. The state is home to more than 200 billionaires, including media mogul Oprah Winfrey, Meta head Mark Zuckerberg and filmmaker George Lucas.

A California Post poll conducted by McLaughlin & Associates found 52.6% of voters oppose the measure, with 34.5% in support and 11.5% undecided. However, a separate Citrin Center-Politico poll released the previous week found narrowly higher support, with 46% backing the proposition and 43% opposed.

Pollster John McLaughlin said voters distrust Sacramento politicians on tax matters and believe the proposal is poorly written. He suggested the messaging that the measure contains loopholes affecting more than just billionaires and would become a recurring tax rather than one-time is resonating with voters.

Google co-founder Sergey Brin, the world's fourth-richest man with a net worth estimated at around $267 billion, has spent more than $100 million fighting the proposal. He recently donated an additional $20 million to Build a Better California, an organisation opposing the billionaire tax.

How it is being reported

• Are California voters about to impose world's first 'tax on billionaires'?Voters are about to decide if the mega-rich among them should hand over billions of dollars to pay for improvements to healthcare.BBC News · 24 Oct, 00:11
• California voters’ major shift on billionaire tax revealed in new pollProposition 40 is a proposed one-time 5% wealth tax on billionaires.New York Post · 23 Oct, 21:58

In this story: California · Sergey Brin · John McLaughlin · Meta · Google

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