California Billionaires’ Voting Data and Prop 40 Fight Reach Climax
California’s 2026 election features record $612 million in billionaire spending, primarily to defeat Proposition 40, a one-time 5% wealth tax. While opponents argue the tax will cause capital flight and revenue loss, supporters estimate it will raise $100 billion. New data shows California’s billionaires are more likely to be registered Democrats or independents than Republicans, challenging assumptions about the political leanings of the ultra-wealthy.
