Billionaires open the purse to fight California wealth tax

Billionaires are investing heavily to defeat Proposition 40, a proposed California wealth tax that would require a 5% payment of net worth. Funding efforts, including contributions from Google co-founder Sergey Brin, have reached $156M to block the measure. With voters nearly split on the one-time tax, this nine-figure war chest aims to sway public opinion and reshape the state's fiscal policy landscape, as wealthy donors actively campaign against the implementation of the billionaire tax.