# California’s billionaire tax faces a precarious path amid opposition from the rich

https://mins.news/en/item/115538

- Al Jazeera, 2026-10-26 09:08 UTC
- Politics
- Original: https://www.aljazeera.com/economy/2026/10/26/californias-billionaire-tax-faces-a-precarious-road-from-rich-opposition?traffic_source=rss

> California voters will decide on November 3 whether to levy a one-time 5 percent tax on the assets of the state’s billionaires. Tech billionaires have raised more than $300m to defeat the proposal, far exceeding the $32m raised by supporters. Campaign volunteers say advertisements spread misleading claims that ordinary people could be taxed. The state Democratic Party backs the measure, while Governor Gavin Newsom opposes it.

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