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Story summary
- Governor Gavin Newsom endorsed Proposition 42 to block California’s billionaire wealth tax.
- Google co-founder Sergey Brin donated more than $102 million to support Proposition 42.
- Billionaires have spent $187 million opposing Proposition 40.
- Supporters have raised about $32 million for Proposition 40.
- Proposition 40 would impose a 5% tax on assets over $1 billion, projected to raise $100 billion.