More than $351 million spent on wealth tax on November ballot.

Key Points:

• Over $351 million has been spent on California's November ballot measures concerning a proposed wealth tax, making it one of the state's most expensive campaign battles; about 90% of the funds aim to defeat Proposition 40, which would impose a one-time 5% tax on billionaires' assets.
• Proposition 40, backed mainly by the Service Employees International Union, seeks to address healthcare funding cuts by taxing billionaires, while opposing measures Propositions 41 and 42 aim to nullify or limit the tax through complex tax law changes.
• Opposition funding is dominated by billionaires like Sergey Brin, Eric Schmidt, and L. John Doerr, who, along with a coalition of politicians, labor groups, and business leaders, argue the tax would harm California’s healthcare, education, and economy.
• The campaign shows a significant funding imbalance, with opponents raising $316.7 million compared to $34.3 million by supporters, who have primarily spent on ballot qualification rather than media outreach.
• Legal experts predict challenges to the tax's retroactive application to billionaires residing in California as of January 1, adding to voter confusion amid competing ballot measures and extensive advertising campaigns.