Opponents of the billionaire tax on the November ballot have vastly outraised the proposal’s supporters, with the anti-Proposition 40 effort and the backers of two other ballot measures crafted to nullify it raising $187 million compared to the $32 million raised by boosters of the wealth tax, according to campaign finance documents filed with the state. The reports, filed Thursday, account for donations through Sept. 19 and do not include several million dollars that have poured into campaign coffers in recent days. The numbers are expected to vastly increase before the Nov. 3 election.
The bulk of the money raised by the proponents of Proposition 40, which would enact a one-time 5% tax on California billionaires’ assets, appears to have been spent on gathering signatures to qualify the measure for the November ballot. The campaign had only $207,000 in the bank, according to the latest campaign finance reports. A leader of the union that crafted the proposal accused wealthy Californians who are spending heavily against the measure of lying to voters.
The measure is designed to offset $100 billion in impending federal healthcare funding cuts expected to impacts millions of Californians. California does not need more tax breaks for billionaires. California needs emergency rooms for patients, hospitals that stay open, and healthcare people can access and afford.” Opponents of the billionaire tax argue that it would do more harm than good.
René Bravo, the leader of one of the groups opposing the billionaire tax. Proposition 41 would nullify the billionaire tax if, in the event that both measures are approved, it receives more “yes” votes. Proposition 41 would prohibit any new state tax from being excluded from a voter-approved cap that restricts how much tax revenue the state can spend each year.
Proposition 42 would prohibit new taxes on personal property, intellectual property, retirement accounts and other assets, and would limit situations in which a ballot measure or state lawmakers can impose or raise taxes retroactively — both of which are essential parts of Proposition 40. If both measures pass and Proposition 42 receives more “yes” votes, it would nullify the wealth tax. The proposed billionaire tax has divided California Democrats, with Gov.
Gavin Newsom opposing it while the state Democratic party supports it. In recent polling, a majority of likely voters did not support any of the three proposals. While 45% of likely voters supported the billionaire tax, 42% opposed it, according to a poll released Friday by UC Berkeley’s Institute of Governmental Studies and co-sponsored by the Los Angeles Times.
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