California billionaire tax support drops in latest PPIC poll

A recent poll has shown a decline in public support for California Proposition 40, a ballot measure proposing a one-time 5% tax on billionaires’ net worth. The Public Policy Institute of California (PPIC) poll indicates that support for the measure has decreased to 52%, with 46% opposing it. This marks a drop from previous polls that showed stronger backing for the initiative. The billionaire tax, which is part of a broader debate on funding state programs like health care, is also facing competition from Propositions 41 and 42, which have majority support and could hinder its passage if approved. The proposition has encountered organized opposition from wealthy donors and campaign groups, further complicating its path to success. Key Takeaways Recent polling suggests a decline in support for California’s billionaire tax, now at 52% approval in the latest PPIC survey. The measure faces additional challenges from competing propositions that also have majority support, potentially blocking its passage. Market pricing on the tax’s passage has remained stable at 28% YES, despite the new polling data indicating declining support. What to Watch Observers will be closely monitoring any sh...