Nov 03, 2026
(KRON) -- Proposition 40 is also known as the Billionaire's Tax. Supporters framed it as a monumental step toward reining in deep wealth inequality. Critics say it will trigger wealthy people to flee the state. Google co-founder Sergey Brin donated more than $100 million to a political committee wor king to defeat the proposal. New poll reveals how voters feel about California ‘billionaire tax’ as election looms The first-in-the-nation measure would levy a one-time, 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the money would be used to backfill federal funding cuts to healthcare. Proposition 39 would block citizens from voting unless they present a government-issued identification card when voting in person, and the last four digits of a government ID number when voting by mail. ...read more read less
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