(Calif.) -- Support for a proposed tax on California billionaires is trailing significantly in initial results on November 3.
Proposition 40 would impose a one-time 5% tax on the wealth of Californians with a net worth of $1 billion or more. The outcome, with many votes still uncounted, remains too close to call.
Photo Credit: SF Standard
A poll showed support for the tax slipping in the final weeks before Election Day, as opponents of Prop. 40, including Google cofounder Sergey Brin, spent more than $300 million under PAC company Building a Better California to fight it and promote two countermeasures, Propositions 41 and 42. Much of that money went to TV and digital ads.
Photo Credit: SF Standard Election Map
Sergey Brin is also among the handful of billionaires who have moved residences or business assets out of the state in an attempt to avoid the proposed tax.
The overarching argument against the measure warned that billionaires will flee California, depriving the state of billions of dollars in income tax revenue that helps fund the state budget.
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