Poll shows narrow majority of Californians support billionaire tax amid competing measures
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A recent survey found 52% of likely voters back Proposition 40, a one-time 5% tax on billionaire wealth, while similar support exists for two measures aimed at limiting the tax.
A Public Policy Institute of California poll of 1,103 likely voters conducted in early September shows 52% in favor of Proposition 40, which would impose a one-time 5% tax on the total wealth of California billionaires. The same survey recorded 46% opposition and 2% undecided.
Two related initiatives, Proposition 41 and Proposition 42, also received majority support, with 51% and 54% respectively, according to the poll. Both measures contain provisions that would block or limit the billionaire tax if they pass.
Proposition 42 would prohibit new taxes on personal property such as retirement accounts, intellectual property and financial assets, while Proposition 41 would increase audits of taxpayer-funded programs and includes language to prevent the billionaire tax from taking effect. Both measures are funded by a political group backed by Google co-founder Sergey Brin, which has spent more than $100 million on various ballot initiatives.
"The supporters of Prop. 40 have to think about and perhaps do something about the fact that so many people are supporting 41 and 42," Mark Baldassare, statewide survey director for PPIC, told the Mercury News.
Proponents of the billionaire tax, led by the SEIU-United Healthcare Workers West, argue the levy is needed to offset federal cuts to health care and education. Opponents, including Governor Gavin Newsom and business groups, contend the tax could harm the state’s economy, potentially prompting the departure of wealthy individuals and resulting in job losses and reduced tax revenue, according to one analysis.
Dave Regan, a leader of the SEIU-UHW, said the proposal is part of a broader national effort to increase taxes on the ultra-wealthy.