California billionaires are intensifying efforts to defeat Proposition 40, a proposed wealth tax targeting the state’s billionaires. Notable figures such as Google co-founder Sergey Brin, venture capitalist John Doerr, and Ripple co-founder Chris Larsen have collectively raised over $300 million in opposition to the measure. Larsen has been particularly vocal, contributing significantly to campaigns opposing the tax and supporting initiatives that could nullify it. The proposed tax, aimed at residents who were billionaires as of January 1, 2026, seeks to allocate most proceeds to health care. Despite its initial support, the measure is facing declining public backing and substantial opposition funding.
Observers should monitor upcoming polls and public statements from key political figures such as Governor Gavin Newsom, who opposes the measure. Changes in support from major Democratic organizations or shifts in the stance of influential labor groups could further impact the measure’s prospects. Additionally, any legislative developments or compromise proposals in the coming weeks may indicate a potential shift in the measure’s viability.
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