California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth
Billionaires have amassed a nine-figure war chest to defeat Proposition 40 as polls show California voters are nearly split on the one-time tax.
California's billionaires are joining forces to oppose a proposed billionaire tax that would impose a 5% levy on their wealth. Venture capitalist John Doerr and Ripple's executive chairman Chris Larsen have each contributed over $10 million to Building a Better California, a political action committee formed to fight Proposition 40.
The group boasts an endowment of $110 million and is spending $87 million on advertising to sway public opinion ahead of the November election. Despite a recent poll showing that 48% of likely voters support the tax, opponents argue that it could hurt innovation in the state.
Written by urgent.news from Fortune's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
