Billionaires have invested $300 million in a campaign to defeat Proposition 40, a proposed one-time 5% wealth tax targeting approximately 250 billionaires residing in California. The vote is scheduled for November 3, 2026, with the revenue earmarked for healthcare initiatives. Despite this massive financial opposition, polls indicate the measure still has more support than opposition, though below a majority. Prediction markets now reflect a 24.5% chance of passage, down from 29% a week ago.
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