California’s first-of-its-kind billionaire tax faces uphill battle as election nears

AAPI likely voters, however, favored Proposition 40 by 52% in a recent survey.

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California’s proposed billionaire tax, which would be the first such tax in the nation, is losing ground in some polls weeks before the Nov. 3 election.

What you need to know

The measure, Proposition 40, would impose a one-time 5% tax on the net worth of billionaires residing in California as of Jan. 1, 2026. The Legislative Analyst’s Offi…