Polling for bill that may push out billionaires from California nears: What data shows

Opposition spending against California’s first-of-its-kind wealth tax referendum, known as Proposition 40, has surged past $1 million a day, a report has said, adding that the massive financial push appears to be shifting public opinion as the latest polling data revealing that the proposed measure is losing momentum rapidly as the November 3 election approaches. If passed, Proposition 40 would levy a one-time 5% tax on individuals with net worths exceeding $1 billion, assessing their assets and unrealised capital gains. Approximately 90% of the generated revenue would go toward funding public healthcare services to offset federal funding shortfalls.However, the initiative has triggered resistance from corporate leaders, Silicon Valley tech royalty, and Democratic Governor Gavin Newsom, a recent report by Frobes said.