Billionaires pour $156M into campaign against California wealth tax

https://www.encirclephotos.com/image/california-state-capitol-building-in-sacramento-california/ Billionaires are ramping up their financial efforts to oppose California’s proposed wealth tax, as reported by the Los Angeles Times. The tax, known as Proposition 40, seeks to impose a one-time 5% levy on billionaire wealth to fund essential public services. High-profile figures like Sergey Brin, John Doerr, Chris Larsen, and Eric Schmidt have contributed over $156 million to the campaign against the measure, with a recent $5 million donation highlighting the intensity of the opposition. This influx of funds seems to have shifted the campaign’s dynamics from grassroots organizing to a well-funded battle over the ballot measure’s future. Market activity indicates that the opposition’s financial backing could be influencing public sentiment, reflected in a recent decline in the probability of the wealth tax passing. The market for the proposition, which resolves based on the outcome of the November 3, 2026, election, currently stands at 25.5% YES, down from 28% just 24 hours ago and 30% a week prior. The substantial financial resources being directed towards opposing the tax may suggest ...