The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire tax

<p>Tech billionaires have raised more than $340m to defeat Prop 40, a one-time 5% wealth tax that will fund healthcare and education</p><p>Tech billionaires have been dumping hundreds of millions of dollars into the fight against a wealth tax in California. They’ve raised more than $340m, and the campaign they’re funding is spending more than $1m a day to defeat the measure, according to state financial disclosures.</p><p>With the election less than a month away, those funds are being spent at a stepped-up pace. During the first 19 days of September, according to the most recent campaign filings, the opposition campaign plowed through at least $21.2m to fight the billionaire tax – surpassing $1m per day. Voters are being inundated with robotexts, mailers and advertisements that warn a tax on billionaires would “expose all Californians to higher taxes”, as one ad reads.</p> <a href="https://www.theguardian.com/news/ng-interactive/2026/oct/16/billionaires-fight-california-prop-40">Continue reading...</a>