“California’s Billionaire Tax Slips From 52% Support to 42%”

Key points

• Prop 40 would impose a one-time 5% tax on California billionaires.
• Polls show support fluctuating: 54% in May, then 46% yes (Oct 16-22), 42% yes (Oct 19-25).
• Funding from Building a Better California heavily outspent opponents, 250-1.
• If passed, 90% of revenue to Medi-Cal, 10% to food assistance and education.
• Gov. Newsom and Xavier Becerra oppose Prop 40, warning of economic impact.