The millions spent by California billionaires against Prop. 40 is about 0.07% of their wealth

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Set us as preferred About 260 California billionaires would be subject to Proposition 40’s one-time 5% wealth tax according to the Forbes Real-Time billionaires list.Just 30 of those billionaires or their spouses, or 1 in 8, spent money opposing Proposition 40, the billionaire tax, according to a Times analysis of recent campaign filings.Billionaires have individually contributed $293 million to oppose the tax measure and to support Proposition 41 and 42, which would nullify the billionaire tax if either receives more votes, according to a Times analysis.

Sergey Brin, co-founder of Google, has given $102 million, more than a third of all billionaire money against the measure.But this is less than 1% of his estimated tax bill.Several billionaires also contributed to the political action committee of the California Business Roundtable, which is spending to oppose Proposition 40 and support Proposition 43.

Peter Thiel gave $3 million, Eric Schmidt gave nearly $2.6 million, Marco DeGeorge’s wife, Kim, gave $1.9 million, Chris Larsen gave $750,000 and Douglas Leone and his wife gave $500,000.Proposition 40 would apply the tax to billionaires who were California residents on Jan.

1, 2026, and the taxable amount would be based on their net worth on Dec.31.

The tax is payable over five years.Altogether, these individuals would owe at least $107 billion in taxes, according to an analysis by economists Jasper Boll, Emmanuel Saez and Gabriel Zucman.Their research was published in the National Bureau of Economic Research in August.

Saez and Zucman are also architects of the tax proposal.This amount is 5% of their combined estimated wealth by Forbes as of Oct.16 and factors in a certain amount of tax avoidance and evasion.Spread across all 39 million Californians, the $107 billion would be roughly $2,700 per person.

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