California poll: Voters back a billionaire tax, but the proposal falls short of majority support

A plurality of likely California voters support a proposal on the state’s November ballot that would impose a one-time wealth tax on the richest Californians, but the measure is still short of majority support, according to a new NBCUniversal Local/Telemundo Station Group poll released Wednesday.In the poll, 48% said they would vote “yes” on the proposal, while 38% said they would vote “no.” Another 14% said they were undecided.The 10-point lead for “yes” is outside the poll’s margin of error, which is plus or minus 4 percentage points for each side’s support level.The spread was almost identical among Hispanic likely voters, according to a companion survey of California: 50% said they’d vote “yes,” 40% said they’d vote “no,” and 10% said they were undecided.Both surveys were conducted Sept.

21-24.The so-called billionaire tax — which will appear on the November ballot as “Proposition 40” — would implement a one-time 5% tax on the assets of Californians with net worths exceeding $1.1 billion, and it would require the state to spend 90% of the new revenue on healthcare.The remaining 10% would be split between education and food assistance programs.

In addition to the one-time tax on those worth more than $1.1 billion, the measure, if it is passed, would implement a smaller tax on individuals worth between $1 billion and $1.1 billion.The taxes would apply retroactively to anyone living in the state as of Jan.

1, 2026.The proposal has divided Democratic leaders in California.Prominent proponents — including Rep.

Ro Khanna, a potential 2028 presidential candidate, and Tom Steyer, a billionaire activist who unsuccessfully ran for governor — argue it would help close income inequality gaps and help make up for state budget shortfalls as a result of Medicaid cuts in President Donald Trump’s “big, beautiful bill.”Opponents of the ballot measure, including Gov.Gavin Newsom and the Democratic candidate to succeed him this y...