California voters reject billionaire tax with 45% support
California’s proposed 5% tax on the wealthiest 200 residents supports only 45% of voters, falling short of the majority needed to pass. This indicates strong opposition to the $12 billion wealth tax,…
A new poll released Monday shows that only 45 percent of registered voters in California support Proposition 40, a 5 percent tax on the net worth of the state's 200 richest people. The University of California, Berkeley’s Citrin Center for Public Opinion Research in partnership with POLITICO conducted the survey. The measure, which would add a new revenue stream to the state budget, is facing growing opposition as the poll indicates. The figure falls below the 50‑percent threshold needed to win a majority of voters.
The tax proposal has been in the works for several years amid a widening gap between California’s wealthiest residents and its budget shortfall. In 2021, the state passed a 0.5 percent wealth tax on billionaires that was struck down by the California Supreme Court in 2023. The new measure builds on that idea, proposing a higher 5 percent rate that would generate an estimated $12 billion over the next decade. Proponents argue the money would fund schools, transportation and public safety, while critics say it could drive investment out of the state.
Poll respondents also
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