California Democrats Split Over Billionaire Wealth Tax Proposal

A recent poll found that Democratic voters in California support a one‑time 5% tax on billionaire wealth by a margin of more than four to one. The measure, known as Proposition 40, would direct most of the revenue to healthcare for low‑income residents.

State leaders including Governor Gavin Newsom, his likely successor Xavier Becerra and Los Angeles Mayor Karen Bass have aligned with Silicon Valley billionaires who have contributed over $340 million to oppose the initiative. Other prominent Democrats such as Senators Alex Padilla and Adam Schiff, former Vice President Kamala Harris and former Speaker Nancy Pelosi have remained silent on the issue.

Opponents of Proposition 40 have out‑fundraised supporters by roughly ten to one, with a large portion of the money coming from billionaire donors, including Google co‑founder Sergey Brin. The campaign against the tax is also linked to efforts to promote another ballot measure that would block similar taxes in the future.