More than $200 million spent fighting and supporting billionaire tax measure, and more to come

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Set us as preferred Opponents of the billionaire tax on the November ballot have vastly outraised the proposal’s supporters, with the anti-Proposition 40 effort and the backers of two other ballot measures crafted to nullify it raising $187 million compared to the $32 million raised by boosters of the wealth tax, according to campaign finance documents filed with the state.The reports, filed Thursday, account for donations through Sept.19 and do not include several million dollars that have poured into campaign coffers in recent days.

The numbers are expected to vastly increase before the Nov.3 election.The bulk of the money raised by the proponents of Proposition 40, which would enact a one-time 5% tax on California billionaires’ assets, appears to have been spent on gathering signatures to qualify the measure for the November ballot.

The campaign had only $207,000 in the bank, according to the latest campaign finance reports.A leader of the union that crafted the proposal accused wealthy Californians who are spending heavily against the measure of lying to voters.The measure is designed to offset $100 billion in impending federal healthcare funding cuts expected to impacts millions of Californians.“The billionaires take and take — tax break after tax break — and now they’re spending that money to deceive voters and avoid paying their fair share,” said Suzanne Jimenez, the chief of staff of the Service Employees International Union-United Healthcare Workers West.

“Voters want their money back from the billionaires and want local emergency rooms to stay open.California does not need more tax breaks for billionaires.

California needs emergency rooms for patients, hospitals that stay open, and healthcare people can access and afford.”Opponents of the billionaire tax argue that it would do more harm than goo...