Campaign groups backed by some of California’s wealthiest residents spend more than $1 million per day in the final stretch to defeat a proposed measure, according to recent state filings cited by multiple outlets. The effort targets California Proposition 40, a one-time 5% wealth tax on billionaires, with the campaign spending accelerating in September as the election approaches.
The Guardian and Bloomberg report that the opposition has raised large sums, including more than $340 million, and has spent tens of millions in a short period. Forbes similarly highlights that spending against the measure has surpassed $1 million per day. Outlets also describe how funds are used for paid advertising and direct voter outreach, including mailers and robotexts that argue the tax would raise costs for Californians.
Supporters and opposition differ on the likely impact of the tax. While backers of Prop 40 argue it would raise revenue for healthcare and education, opponents frame the measure as a threat of higher taxes more broadly. The reports focus on the scale and pace of the opposition spending as voters near the vote.
