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Newsom Opposes Prop 40 Wealth Tax Despite Poll Tightness

By Drooid · Oct 27, 2026, 4:00 PM UTC · How we work

Summary

Story summary

Governor Gavin Newsom opposes Proposition 40, a one-time 5% wealth tax on California billionaires.
Proposition 40 would tax about 200 billionaires at 5% to raise $100 billion for Medicaid.
September Berkeley Institute poll shows 45% support, 42% opposition, 13% undecided.
Google co-founder Sergey Brin donated over $100 million to block the tax.
Yes-on-Prop 40 ads now outspend opponents.

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Story summary

Governor Gavin Newsom opposes Proposition 40, a one-time 5% wealth tax on California billionaires.
Proposition 40 would tax about 200 billionaires at 5% to raise $100 billion for Medicaid.
September Berkeley Institute poll shows 45% support, 42% opposition, 13% undecided.
Google co-founder Sergey Brin donated over $100 million to block the tax.
Yes-on-Prop 40 ads now outspend opponents.