Support for California’s One‑Time Billionaire Tax Falls to 42% Amid Heavy Opposition Funding

As the campaign entered its final stretch, support among California voters for Proposition 40—a one‑time 5% tax on the state’s richest residents—has slipped from a slim 52% majority to only 42%.

The decline coincides with a coalition of tech moguls and other affluent contributors spending over $379 million on a unified campaign to block the initiative. Those funds finance TV commercials, online messaging, and on‑the‑ground organizing intended to convince swing voters that the tax threatens jobs and economic expansion.

Initially put forward in 2021, Proposition 40 would impose a one‑time 5% charge on the net worth of Californians whose assets top $1 billion. Supporters claimed the resulting revenue could finance affordable housing, education and climate projects, whereas critics warned it would push capital out of the state and create a precedent for harsh wealth taxes.

Recent polling by a nonpartisan university research center shows the public now divided: 42% back the measure, 45% oppose it and the rest are undecided. Analysts say the drop in backing stems from a wave of ads portraying the tax as punitive and likely to spark a wider departure of tech firms and venture capital.

State authorities have not confirmed if the tax will make it onto the ballot, though the governor’s office has indicated a willingness to reconsider the idea in upcoming legislative sessions. Should Proposition 40 be turned down, legislators might look to other revenue options—like tweaking corporate tax rates or imposing new fees on high‑income earners—to tackle California’s persistent budget gaps.