- Californians are voting on Proposition 40, a ballot measure proposing a one-time 5 per cent tax on residents with a net worth exceeding $1 billion.
- If approved, California would become the first US state to tax billionaires' net worth, using the revenue to offset federal cuts to healthcare funding.
- The proposal has divided Democrats, with Senator Bernie Sanders backing the tax while Governor Gavin Newsom warns it could spark an exodus of wealthy taxpayers.
- Opponents, heavily backed by tech moguls and venture capitalists, have raised roughly ten times more money than the campaign supporting the measure.
- Recent polling suggests opposition to the measure has grown to 52 per cent, while rival ballot proposals could block the tax even if a majority votes for it.
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