California Proposition 40 Faces Heavy Opposition Spending

California’s Proposition 40, a proposed one-time tax on the wealth of billionaires, is facing opposition spending exceeding $351 million across the ballot fight, while recent polls show support below a majority. About 90% of the reported contributions targeted defeating the measure, according to a tally cited in campaign coverage. The Public Policy Institute of California’s October survey found 46% of likely voters supported Proposition 40, down from 52% in September. A separate UC Berkeley Institute of Governmental Studies poll found 42% support and 50% opposition, compared with 45% support and 42% opposition in September. The surveys were conducted in October and reported before the November 3 election. Opposition group Building a Better California spent more than $50 million in the week before one report, according to No on 40 spokesperson Evan Westrup. The figure is a campaign spokesperson’s account. The group had received about $318 million by October 13, according to a separate reported tally, most of which had already been spent opposing the measure. Proposition 40 would impose a one-time tax of up to 5% on certain taxpayers with assets exceeding $1 billion who lived in...