Opposition spending against California’s first-of-its-kind wealth tax referendum, known as Proposition 40, has surged past $1 million a day, a report has said, adding that the massive financial push appears to be shifting public opinion as the latest polling data revealing that the proposed measure is losing momentum rapidly as the November 3 election approaches. If passed, Proposition 40 would levy a one-time 5% tax on individuals with net worths exceeding $1 billion, assessing their assets and unrealised capital gains. Approximately 90% of the generated revenue would go toward funding public healthcare services to offset federal funding shortfalls.
The opposition effort has assembled more than $340 million, burning through upwards of $1 million per day during the first half of September alone, according to reporting from The Guardian. Sergey Brin : $138 million ( Google co-founder; net worth: $259.4 billion) Eric Schmidt: $35 million (Former Google CEO; net worth: $38.2 billion) Other prominent figures joining the opposition include Google co-founder Larry Page , Palantir’s Peter Thiel, venture capitalist Michael Moritz, and crypto entrepreneur Chris Larsen. Campaign spending data highlights a staggering financial imbalance between the two camps.