Campaigns funded by tech billionaires have raised over $340m to oppose Proposition 40, a ballot measure in California proposing a one-time 5% tax on billionaires. State financial disclosures indicate that the campaign against the measure is spending more than $1m daily.
During the first 19 days of September, the opposition campaign spent at least $21.2m, surpassing $1m per day. Voters are receiving robotexts, mailers, and advertisements warning that a tax on billionaires could "expose all Californians to higher taxes."
Californians are set to vote on Proposition 40 in early November. If passed, the tax proceeds would primarily fund healthcare programs, with some allocated to education and food assistance. Notable donors to the 'no' campaign include Google co-founder Sergey Brin, who has contributed at least $102m, and former Google CEO Eric Schmidt, who has donated over $42m.
The 'yes' campaign for Proposition 40 has raised nearly $33m, mostly from the healthcare union sponsoring the measure. Recent polling in late September by the University of California showed 45% of voters likely to support the tax and 42% likely to oppose it, a decrease in the lead the proposal held a month prior.
Two separate countermeasures, Proposition 41 and 42, have been placed on the November ballot by opponents of Proposition 40. If either of these measures receives more 'yes' votes than Proposition 40, they would prevent the billionaire tax from taking effect even if it passes.