California billionaires spend $120M to oppose Proposition 40 wealth tax measure
By
Alina Maria Stan
Summary
Silicon Valley billionaires have poured over $120 million into opposing California's Proposition 40, a proposed one-time 5% wealth tax on residents and trusts worth over $1 billion. The measure, backed by union SEIU-UHW, would fund healthcare, food assistance, and education, with proponents projecting $100 billion in revenue. Opponents have raised roughly four times the $31 million collected by supporters, making this a high-stakes battle over taxing the state's roughly 200 billionaires.
Source
bskyCalifornia billionaires spend $120M to oppose Proposition 40 wealth tax measurethenextweb.comKey quotes
· 3 pulledOpponents have poured more than $120m into sinking or blunting the measure, roughly four times the $31m raised by its union backers.
Proposition 40 would impose a one-time 5% tax on residents and trusts worth over $1bn when Californians vote in November.
Sponsor SEIU-UHW says the levy on the state's roughly 200 billionaires would fund healthcare, food assistance, and education, with proponents projecting $100bn
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