California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth
- Posted on August 18, 2026
- By Fortune
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- 1 min read
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California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth
Billionaires have amassed a nine-figure war chest to defeat Proposition 40 as polls show California voters are nearly split on the one-time tax.
