A recent poll by UC Berkeley’s Institute of Governmental Studies, co-sponsored by the Los Angeles Times, indicates that California voters are divided on two proposed tax measures aimed at wealthy individuals, set to appear on the November 3 ballot. Proposition 40, which proposes a one-time 5% tax on billionaires' assets to offset anticipated federal healthcare funding cuts, has garnered 45% support among likely voters, with 42% opposed and 13% undecided. This marks a decline in support from 48% six weeks prior. In contrast, Proposition 3, which seeks to make permanent a tax increase on high earners that funds education and healthcare, enjoys stronger backing. The current tax applies to individuals earning over $360,000 annually and was enacted in 2012.
Governor Gavin Newsom has expressed opposition to Proposition 40, citing concerns over its potential long-term impact on the state's finances. Mark DiCamillo, director of the poll, noted that while voters are concerned about income inequality, they are wary of the unconventional nature of the billionaire tax. The poll also revealed that two counterproposals, Proposition 41 and Proposition 42, are on the ballot, with Proposition 42 receiving 43% support and Proposition 41 at 37% support.
The poll surveyed 6,989 registered voters in California, with a margin of error of approximately 2 percentage points. As ballots are set to be mailed to the state's 23.2 million voters, the division among Democratic leaders regarding the billionaire tax reflects broader concerns about California's budget reliance on wealthy individuals. The upcoming election will also include measures related to environmental policy, housing, and voter identification requirements, among others.