Local billionaires fund campaign against California’s Prop 40 tax

California voters are deciding on Proposition 40, which would impose a one-time 5% tax on billionaires to raise up to $100 billion over five years for healthcare and social services, CBS News Bay Area reported.

Local billionaires are contributing funds to oppose the measure, Palo Alto Online reported.

Approximately 200 billionaires in California would be affected by Prop 40, with most residing in the San Francisco Bay Area, which includes San Jose and surrounding cities, according to the 2026 Forbes Billionaire List cited by Palo Alto Online.

As voting continues, the outcome of Prop 40 will determine whether this tax measure is implemented, potentially impacting funding for healthcare and social services across California.