California Billionaires Tax Gains Narrow Support Ahead of November Vote

A proposed one-time tax on certain taxpayers with assets over $1 billion has gained support from nearly 50% of California voters, according to a new poll.

The Berkeley IGS poll released Friday found that 48% of likely voters would vote Yes on Proposition 40, while 41% said they would vote No and 11% remained undecided.

The measure would impose a one-time 5% tax on taxpayers with assets over $1 billion, with revenue primarily directed toward health care. The poll showed a sharp partisan divide, with 70% of Democrats supporting Proposition 40 compared to 12% of Republicans.

The proposal has drawn opposition from some of California's wealthiest residents, including Alphabet Inc. co-founder Sergey Brin and billionaire entrepreneur Mark Cuban. Brin has contributed to a political advocacy group fighting the measure, while Cuban warned that it could discourage investment and push high-value startups out of the state.