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Newsom Fights Proposition 40 as Sanders Campaigns for Wealth Tax

By Drooid · Oct 5, 2026, 3:19 AM UTC · How we work

Summary

Story summary

Sen. Bernie Sanders and Rep. Ro Khanna are campaigning for Proposition 40, a 5% billionaire wealth tax.
Gov. Gavin Newsom opposes Proposition 40, warning billionaires could avoid it by relocating out of state.
Building a Better California has raised over $252 million, led by Sergey Brin ($102 M) and John Doerr ($30 M).
Former Google CEO Eric Schmidt contributed $27 million to the anti-tax effort.
Online prediction markets assign Proposition 40 roughly a 30% chance of passing.

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Story summary

Sen. Bernie Sanders and Rep. Ro Khanna are campaigning for Proposition 40, a 5% billionaire wealth tax.
Gov. Gavin Newsom opposes Proposition 40, warning billionaires could avoid it by relocating out of state.
Building a Better California has raised over $252 million, led by Sergey Brin ($102 M) and John Doerr ($30 M).
Former Google CEO Eric Schmidt contributed $27 million to the anti-tax effort.
Online prediction markets assign Proposition 40 roughly a 30% chance of passing.