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California Proposition 40 billionaire tax support narrows in new poll
A new poll from the UC Berkeley Institute of Governmental Studies, co-sponsored by the Los Angeles Times, indicates that support for Proposition 40 is tightening ahead of the November 3 election in California. The measure, which proposes a one-time 5% tax on the net worth of billionaires residing in the state as of January 1, 2026, currently holds a narrow lead with 45% support compared to 42% opposition. Approximately 13% of likely voters remain undecided.
This represents a decline from a poll conducted six weeks ago, which showed 48% support. The proposed tax aims to fund healthcare programs in response to expected federal funding cuts, while also providing revenue for education and food assistance.
Opponents of the measure have launched significant advertising campaigns, arguing that taxing accumulated assets rather than income could harm the state's economy and prompt wealthy residents to leave California. Mark DiCamillo, director of the Berkeley IGS poll, noted that while voters are concerned about economic inequality, they appear cautious regarding the unprecedented nature of an asset-based tax.
Entities
California · Los Angeles Times · Mark DiCamillo · Proposition 40 · UC Berkeley Institute of Governmental Studies
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Proposition 40 would impose a one-time 5% tax on the net worth of billionaires residing in California as of January 1, 2026. internewscast.com
- [● 3 SOURCES] The Governor of California opposes the measure. internewscast.com
- [● 3 SOURCES] A UC Berkeley Institute of Governmental Studies poll shows Proposition 40 has a slim lead among likely voters. internewscast.com
- [● 3 SOURCES] Revenue from the tax is intended for healthcare, education, and food assistance programs. internewscast.com
- [● 3 SOURCES] Support for the measure has dropped from 48% six weeks ago to 45% currently. internewscast.com
- [● 3 SOURCES] The poll found 45% support Proposition 40, 42% oppose it, and 13% are undecided. internewscast.com