
California’s Billionaire Tax Faces Existential Threat from Billionaire-Backed Countermeasures
California’s Proposition 40, a one-time 5% wealth tax on billionaires, faces a critical threat from two billionaire-backed measures, Propositions 41 and 42, which could nullify the tax even if it passes. While supporters, including SEIU-UHW and Senator Bernie Sanders, argue the tax is essential to offset federal cuts to healthcare and education, opponents, led by Google co-founder Sergey Brin and Governor Gavin Newsom, warn it will drive wealthy residents out of state and harm the economy. The debate centers on whether the tax is a fair response to inequality or a 'Trojan horse' for broader wealth taxation, with massive spending on both sides.












