California billionaires pour record $612 million into elections to fight wealth tax

California’s billionaires have collectively contributed an unprecedented $612 million to state elections, with a significant portion aimed at opposing a proposed wealth tax. This initiative, known as Proposition 40, seeks to impose a one-time 5% tax on the net worth of billionaires residing in California as of January 1, 2026. Notable contributors against the tax include Sergey Brin, Eric Schmidt, and L. John Doerr. The opposition effort also supports Propositions 41 and 42, either of which could potentially nullify Proposition 40 if they receive more votes. Market activity suggests the substantial financial opposition is impacting the expected outcome of the wealth tax vote. The upcoming days will be crucial as developments unfold leading to the November 3 vote.

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