Several billionaire opponents have committed additional millions to defeat a proposed one-time 5% wealth tax on California residents with a net worth exceeding one billion dollars, slated for the November 2026 ballot. The SEIU-UHW union supports the measure, while Governor Gavin Newsom and tech billionaires Sergey Brin and Chris Larsen are leading the opposition. Prediction markets now place the odds of passage at 27.5%, down from 34% the previous day.
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