The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire tax
Tech billionaires have raised more than $340m to defeat Prop 40, a one-time 5% wealth tax that will fund healthcare and education Tech billionaires have been dumping hundreds of millions of dollars into the fight against a wealth tax in California. They’ve raised more than $340m, and the campaign they’re funding is spending more than $1m a day to defeat the measure, according to state financial…
In California, billionaires are spending over a million dollars a day to defeat Proposition 40, a proposed tax that would impose a 5% one-time wealth tax on the state's ultra-wealthy to fund healthcare and education. The campaign against the measure has raised more than $340 million, with the opposition spending over $1 million daily, according to financial disclosures.
Amid the election less than a month away, the opposition's spending has increased to more than $21.2 million in the first 19 days of September. The measure proposes to fund healthcare and education programs, but has sparked controversy among Californians and politicians. While some, including Bernie Sanders and Ro Khanna, back the proposal, major unions, Planned Parenthood, and opposition campaigns by tech billionaires like Peter Thiel and Eric Schmidt argue the tax could lead to higher taxes for all Californians.
The ballot measure will be voted on in early November, but its chances have been complicated by two additional measures, Proposition 41 and 42, which would pre-empt the billionaire tax if passed.
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