The opposition campaign reported spending more than $42.8 million in October’s first two weeks, ahead of California’s vote on a proposed one-time billionaire tax.
Three campaigns opposing California’s Proposition 40 and supporting Propositions 41 and 42 have received more than $379.5 million combined, the Guardian said in an October 30 feature citing campaign filings. That feature is the sole source for this update. That total is money received, not money spent.
Proposition 40 would impose a one-time 5% tax on billionaires living in California as of 1 January 2026, if approved. The proceeds would fund healthcare programs, along with some education and food assistance.
Proposition 41 targets the billionaire tax, while Proposition 42 would prohibit taxation of billionaire wealth. If either receives more yes votes than Proposition 40, it would prevent the tax from taking effect even if Proposition 40 passes.
The opposition campaign spent more than $42.8 million during the first two weeks of October 2026, the Guardian said, citing campaign filings. The underlying filings were not supplied. The money paid consultants tasked with lobbying politicians, running broadcast advertisements and placing opinion pieces in Latino newspapers across California.
California voters will next decide whether to approve Proposition 40.
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