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Prop 40 Billionaire Tax Faces Pushback | Sacramento News
Billionaires in California are facing a potential tax showdown as Proposition 40, which would impose a wealth tax, gains steam with 57% of voters reportedly supporting it—especially among teachers, healthcare workers, and union members. But Governor Gavin Newsom is pushing back hard with his “Stop the Squeeze” campaign, warning the tax could hurt schools, housing, and public safety. While opponents have raised over $10 million, the pro-Prop 40 side hasn’t reported any funding yet. Complicating matters, two other ballot measures could cancel out the billionaire tax—if one passes, it overrides…
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