Gavin Newsom stories

Oct 26, 2026

New polls show California Proposition 40 billionaire tax on track to fail

Two new polls indicate California's Proposition 40, which would impose a 5% one-time tax on the wealth of the state's approximately 250 billionaires, is headed toward defeat in the upcoming election. The polling decline comes amid reports of billionaires leaving the state and concerns from tax scholars about the measure's potential economic impact.

Oct 26, 20265 sources

Voters in over three dozen states to decide nearly 150 ballot measures in 2024 midterm elections

Voters across more than three dozen U.S. states will decide the fate of approximately 150 ballot measures in November's midterm elections, covering issues including transgender rights, abortion access, billionaire taxes, voting rights, and redistricting. At least $400 million has been spent on TV ads for these initiatives, with five states holding historic first-time votes on transgender youth rights.

Oct 26, 20265 sources

Top claims

▪Nvidia CEO Jensen Huang publicly stated on CBS Sunday Morning that paying California's proposed billionaire wealth tax would be a privilege.
▪UNC professor Jeff Hoopes' survey of 105 National Tax Association members found 69.5% opposed California Proposition 40, including 85% of accountants and 71% of economists, while 60% of tax lawyers favored it.
▪Campaign spending against California Proposition 40 surpassed $429 million, heavily funded by tech executives opposing the billionaire wealth tax.

Topics

Elections Tax policy Income and wealth inequality Economic inequality State politics Billionaires Campaign finance U.S. election polling & forecasting US midterm elections U.S. voting rights Abortion U.S. redistricting & gerrymandering 2026 U.S. midterm elections Transgender rights

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United States Dan Sullivan