California Billionaire Wealth Tax Faces $87 Million Opposition Campaign

A coalition of billionaires, organized under the group Building A Better California, has reserved nearly $87 million of advertising time to launch TV commercials next month aimed at opposing Proposition 40, a California ballot measure that would impose a one‑time 5 percent tax on residents with a net worth of at least $1 billion.

The same coalition backs two counter‑measures that will also appear on the ballot: Proposition 41, which would require audits of programs funded by new taxes, and Proposition 42, which would prohibit new taxes on personal property and financial assets. Advertising purchases include about $53 million for September and $3.7 million for October, with reports that billionaire Sergey Brin contributed roughly $82 million. Overall, billionaire‑backed opposition spending on the issue has surpassed $100 million.