California Proposition 40 billionaire tax support declines in new poll

Public support for California’s Proposition 40, a proposed one-time 5% tax on the net worth of billionaires, has declined according to a recent Public Policy Institute of California (PPIC) poll. Approval for the measure currently stands at 52%, with 46% in opposition, a drop from previous polling data.

The measure aims to fund state programs, including the healthcare system, but faces several hurdles. It is competing with Propositions 41 and 42, both of which hold majority support and could potentially block its passage. Additionally, the initiative faces organized opposition from wealthy donors and campaign groups.

Critics of the tax argue it could trigger an exodus of high-net-worth individuals, potentially reducing the expected $100 billion revenue haul. Concerns have been raised regarding the impact on the state budget, as California relies heavily on the top 1% of earners for personal income tax revenue. Some observers note that high-profile individuals have already moved out of state in anticipation of such measures.