Critics of Prop. 40 say billionaire spending could backfire as candidates with progressive aims face opposition.
WHO:Prop. 40 supporters and California billionaires opposing the proposal
WHAT:Debate and political backlash over California’s proposed billionaire tax (Prop. 40)
WHEN:Aug 5, 2026 at 6:00 AM ET
WHERE:California
WHY:Supporters of Prop. 40 argue billionaires are increasingly spending to defeat progressive-leaning candidates, which they say is a response to the proposed tax.
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