Proposition 40 would impose a one-time 5% tax on the net worth of California residents worth at least $1 billion. The proceeds would fund health care and other public programs. Governor Gavin Newsom and several billionaire-backed groups oppose the measure, while organized labor and the California Democratic Party support it. Its fate remains uncertain because competing ballot measures could nullify it even if it passes. Market pricing currently assigns the proposal a 25.5% chance of adoption, following a recent decline in support.
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