California Prop 40 seeks 1 time 5% billionaire tax
California is considering Proposition 40, a one-time 5% tax on billionaires to make up for federal health care funding cuts.
The idea is backed by Bernie Sanders and labor groups, but it's become one of the state's most expensive ballot fights, with concerns that wealthy residents might pack up and leave.
Opponents outspend supporters on Prop 40
Gov. Gavin Newsom, Planned Parenthood, and several tech leaders are strongly against the measure, warning it could hurt California's budget if billionaires move away.
Opposition campaigns have outspent supporters by a lot, and recent polls show more voters leaning "no."
Still, those in favor argue this tax is needed to keep health care funded and make sure billionaires pay their fair share, hoping it will help close the wealth gap in the state.