Support for California billionaire tax slips ahead of Nov. 3 election

A recent poll from the Public Policy Institute of California reveals that support for Proposition 40, the proposed one-time 5% tax on billionaires’ assets, has declined in the weeks leading up to the November 3 midterm election, KRON4 reported.

According to the poll, 46% of likely California voters now favor Prop. 40, while 52% oppose it and 2% remain undecided. This marks a reversal from September when 52% supported the measure, the San Francisco Standard noted.

Opponents of the billionaire tax, including notable figures such as Google co-founder Sergey Brin, have invested over $300 million to campaign against Prop. 40 and promote two countermeasures, Propositions 41 and 42, which could weaken the tax, KRON4 reported.

Much of the opposition funding has been used for television and digital advertisements targeting the billionaire tax. The Public Policy Institute of California’s survey director, Mark Baldassare, highlighted that support has particularly dropped among Democrats and independent voters, according to the San Francisco Standard.

With less than a week before the election, the polling data suggests a challenging path for Prop. 40 amid significant opposition spending and alternative measures on the ballot.