California tech leaders spend over $1 million daily opposing Prop. 40
California's richest tech leaders are pouring over $1 million a day into campaigns against Proposition 40, a proposed one-time 5% tax on billionaires, with the money going to health care and education.
Voting happens in early November, and proponents and opponents alike are casting the billionaire tax as a potential first step toward wealth taxes in more states.
Bernie Sanders backs Prop. 40
Prop. 40 was introduced by a major health care union and has support from progressive voices like Bernie Sanders, who say it'll help tackle affordability and wealth inequality.
But Silicon Valley billionaires are pushing back hard, warning it could hurt California's economy.
The opposition has raised huge sums (Brin alone gave at least $102 million) and is backing countermeasures just in case Prop. 40 passes.
If approved, this could set a new standard for taxing extreme wealth across the US.