California poll: Voters back a billionaire tax, but the proposal falls short of majority support

Key Points:

• A new NBCUniversal Local/Telemundo poll shows 48% of likely California voters support Proposition 40, a one-time wealth tax on billionaires, while 38% oppose it and 14% remain undecided; support is similar among Hispanic voters.
• Proposition 40 would impose a 5% tax on Californians with net worths over $1.1 billion, allocating 90% of revenue to healthcare and the rest to education and food assistance, with taxes applied retroactively from January 1, 2026.
• The measure divides Democratic leaders, with proponents citing income inequality and budget needs, while opponents, including Gov. Gavin Newsom, warn it could drive wealthy residents and tech leaders out of the state; however, 59% of voters are not highly concerned about this potential exodus.
• Governor Newsom’s job approval is nearly evenly split among voters (45% approve, 46% disapprove), though 66% of Democrats say they would support a 2028 presidential bid by him.
• Other ballot measures include Proposition 39, requiring voter ID for in-person voting, supported by 49% of likely voters and 55% of Hispanic voters; top voter concerns focus on cost of living (25%), economy/jobs (23%), and immigration (15%).