California voters are set to decide on Proposition 40, a ballot initiative that proposes a one-time 5% tax on the wealth of the state's approximately 250 billionaires. This measure is projected to raise around $100 billion, with 90% of the funds intended for healthcare.
US Congressman Rohit Khanna and Senator Bernie Sanders support Proposition 40, while Governor Gavin Newsom reportedly opposes it. Billionaires including Peter Thiel, Sergey Brin, and Elon Musk are also said to oppose the proposition, with Brin reportedly spending $102 million to campaign against it and Thiel contributing $3 million.
Opponents of Proposition 40 have outspent its supporters by more than five to one. Governor Newsom has also reportedly endorsed Proposition 42, a measure that would ban California from ever taxing billionaire wealth.