Proposition 40 campaign reports majority of California voters favor proposed billionaire tax.
A new internal poll released by the Yes on 40 campaign indicates that 57% of California voters approve of Proposition 40, a proposed tax on billionaires. The survey of 1,500 voters showed strong support among teachers, health care workers, and union members, while 38% of the electorate opposed the measure. Governor Gavin Newsom opposes the tax and has launched the "Stop the Squeeze" campaign to fight it. Dan Newman, a spokesman for the campaign, argued that the tax would ultimately hurt regular taxpayers by forcing cuts to schools, housing, and public safety. While the campaign has raised $400,000, opposing groups have raised a total of $10.8 million. Voters will also decide on two other measures that could invalidate the tax. The proposition receiving the most "yes" votes will become law.