California Prop 40 Polls at 57% for a 5% Billionaire Tax as Democrats Split
Updated
Updated · The American Prospect · Aug 11
California Prop 40 Polls at 57% for a 5% Billionaire Tax as Democrats Split
3 articles · Updated · The American Prospect · Aug 11
Summary
A one-time 5% tax on roughly 200 California billionaires is headed for the November ballot, with overall support at 57% in a sponsor-backed poll and 54% in a May PPIC survey.
The measure would tax stock-heavy wealth as of Dec. 31 and direct most revenue to keeping hospitals open after federal healthcare cuts, a design that has fueled support from its sponsoring SEIU local.
Gavin Newsom and Xavier Becerra oppose Prop 40, and Google co-founder Sergey Brin is helping finance an expected opposition campaign worth hundreds of millions of dollars.
Labor backing has fractured because the money would largely bypass other priorities: the California Teachers Association opposes the measure, while the state SEIU council has stayed neutral despite strong rank-and-file support.
That split leaves progressive groups weighing whether to campaign for a proposal that tests whether California Democrats will embrace a state wealth tax despite donor and institutional resistance.