‘They should pay more than the poor’: The battle to make California’s richest give up 5% of their fortunes

Proposition 40 proposes a one-time 5% tax on California billionaires to fund public services, reflecting a divided electorate. Supporters argue it addresses wealth inequality, while opponents, backed by wealthy donors, question its effectiveness. Polls show mixed support, with some voters advocating for higher taxes on the rich. Young voters express skepticism about the initiative's design and potential community benefits. Campaign financing against the measure has reached over $340 million, primarily from tech billionaires. The debate highlights differing opinions among Democrats and the challenges of addressing wealth disparity in California.