These Californians spent 0.07% of their billions to oppose Prop. 40

Key Points:

• Proposition 40 in California proposes a one-time 5% wealth tax on about 260 billionaires, with an estimated $107 billion in taxes owed, primarily targeting the state's richest individuals based on their net worth as of December 31, 2026.
• Billionaires have collectively donated $293 million to oppose Proposition 40 and support related measures that would nullify the tax, with Google co-founder Sergey Brin contributing $102 million, though this is less than 1% of his estimated tax liability.
• The tax would be levied on billionaires who are California residents as of January 1, 2026, payable over five years, and aims to raise funds primarily for healthcare services, addressing a $190 billion federal funding shortfall in Medi-Cal.
• Some billionaires are taking steps to challenge or avoid the tax, including relocating or restructuring stock ownership, but experts argue that income tax losses from such moves would be minor compared to the revenue gained from the wealth tax.
• Proposition 40 faces opposition from Governor Gavin Newsom, other political figures, and some organizations, while it is supported by labor unions, progressive politicians like Senator Bernie Sanders, and the California Democratic Party.