California Billionaires Drop $300M to Crush Proposition 40 Wealth Tax – Will It Work?

California’s ultra‑wealthy have pooled a staggering US$300 million to launch an all‑out campaign against Proposition 40, the proposed wealth tax targeting fortunes over $50 million. This massive war chest could sway public opinion, dampen support for the tax, and signal a new playbook for billionaire‑funded opposition to progressive fiscal measures nationwide.