‘Billionaire’s Tax’ Is Losing Support, New Poll Finds

A new poll suggests support for California’s proposed billionaire tax, Proposition 40, may be slipping.

Proposition 40 would impose a one-time 5% tax on certain taxpayers with assets exceeding $1 billion, with revenue primarily directed toward health care. The measure is projected to generate tens of billions of dollars over several years, while potentially reducing state income tax revenue from billionaires by less than $1 billion annually in subsequent years.

According to the Public Policy Institute of California’s October 2026 statewide survey, support for Proposition 40 has fallen six percentage points since September, dropping below a majority.

The poll found that 42% of likely voters said they would vote yes on the proposition, down from 52% in September.

More than 60% of Democratic voters support the proposed tax, compared with just 20% of Republicans. The measure also has greater support among younger voters ages 18 to 34 and lower-income voters earning less than $40,000 annually.

Propositions 41 and 42, which are backed by opponents of Proposition 40, also have support from slim majorities of voters.

Proposition 41 would require audits of programs funded by new special taxes and restrict the state from exempting new taxes from its existing spending limit. Supporters say the measure would make government more accountable, while opponents argue it would undermine the billionaire tax. According to the poll, 48% of voters support Proposition 41.

Proposition 42 also conflicts with Proposition 40. It would prohibit California from imposing certain new state taxes on personal and financial assets, including stocks and business interests. The poll found that 51% of voters would vote yes on the measure.

Building a Better California, a nonprofit social welfare organization and political committee, is leading the opposition to Proposition 40. According to campaign finance records, the group has received more than $333 million from donors, including prominent technology executives and investors, making the opposition campaign one of the best-funded political efforts in California history.

Among the major donors are former Google CEO Eric Schmidt and venture capitalist John Doerr, who have each contributed more than $40 million. The campaign has also received support from wealthy donors outside California, including Sergey Brin, the Google co-founder who lives in Nevada and has contributed more than $100 million.

Building a Better California argues that Proposition 40 would “damage California’s economy and cost the state budget billions in lost revenue – all without doing anything to lower healthcare costs.”

Supporters of the measure argue the opposite.

Sen. Bernie Sanders held a “YES ON PROP 40” rally earlier this month, urging Angelenos to vote yes and encourage others to do the same.

Sanders argued that the billionaire tax would help prevent more than 3 million working-class Californians from losing health coverage and help keep hospitals and emergency rooms open.

He cast billionaires as the enemy – not the victim – saying they would “learn a very powerful lesson” on Election Day.

“The whole country is watching [California],” Sanders said. “Because if you stand up to this wealth and power and arrogance, trust me — the rest of the country will not be far behind.”

Gubernatorial candidate Xavier Becerra, who is currently positioned to win the race for California governor, has spoken out against Proposition 40. He has, however, supported raising taxes on wealthy Californians.

In an interview with California Politics 360 on Thursday, Becerra said there are “real complications” when individuals are taxed on their assets. He said his plan to tax the wealthy would instead focus on income taxes.

Becerra has more than 20 years of experience working with tax policy in Congress. He said he believes taxes should be fair and predictable, unlike what he views as the proposed “Billionaires Tax.”

“If we can prove that you aren’t paying your fair share, and to me that’s pretty basic,” Becerra said of whom he would target for tax increases. “If you’re a billionaire and you’re paying at a lower tax rate than a firefighter or a teacher or a nurse, you’re not paying your fair share.”

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