Californians Split as Radical Billionaire Tax Faces Resistance and Common-Sense Safeguards
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A recent poll shows only a slim majority—52%—supporting Proposition 40, a one-time 5% tax on billionaire wealth, while similar numbers back measures to protect property rights and limit government overreach.
A Public Policy Institute of California poll of 1,103 likely voters conducted in early September reveals that just 52% are in favor of Proposition 40, a radical proposal that would impose a one-time 5% tax on the total wealth of California billionaires. With 46% opposed and 2% undecided, the state remains deeply divided over this unprecedented government grab of private assets.
Two related initiatives, Proposition 41 and Proposition 42, received majority support as well, with 51% and 54% respectively. Both measures are designed to defend taxpayers and limit the reach of Sacramento’s tax-and-spend agenda, containing provisions that would block or restrict the billionaire tax if they pass.
Proposition 42 would protect Californians by prohibiting new taxes on personal property such as retirement accounts, intellectual property, and financial assets—safeguarding the hard-earned savings and investments of citizens. Proposition 41 would increase audits of taxpayer-funded programs and includes language to prevent the billionaire tax from taking effect, ensuring accountability and fiscal responsibility. Both measures are funded by a political group supported by Google co-founder Sergey Brin, which has spent more than $100 million on various ballot initiatives to defend property rights and economic freedom.
"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, highlighting the widespread skepticism toward punitive taxation.
Opponents of the billionaire tax, including Governor Gavin Newsom and business groups, warn that this kind of punitive measure could devastate California’s economy, driving out job creators and leading to job losses and reduced tax revenue, according to one analysis. Meanwhile, proponents led by the SEIU-United Healthcare Workers West continue to push for higher taxes on the most productive members of society, claiming it is needed to offset federal cuts to health care and education.
Dave Regan, a leader of SEIU-UHW, admitted that the proposal is part of a broader national effort to target the ultra-wealthy, raising concerns about the growing influence of union-backed tax hikes and class warfare.