CA Proposition To Tax Billionaires Losing Steam Among Voters: Poll

SACRAMENTO, CA — Support for the controversial proposition that would require billionaires living in California pay a one-time tax of 5 percent has dramatically shifted, according to a new poll.

The poll released Monday by the University of California, Berkeley Citrin Center for Public Opinion Research and POLITICO found only 45 percent of registered voters support Proposition 40, also known as the Billionaire Tax Act, compared with 43 percent of registered voters who are opposed to the measure.

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In February, a UC Berkeley-Politico poll released in February showed support from 50 percent of registered voters with only 28 percent opposed.

According to the poll, the remaining 12 percent of likely voters were undecided. Among them, 65 percent of the undecided voters said they are likely to support the measure, while 15 percent expressed opposition, saying they will not support the measure.

The most recent survey was conducted Sept. 8 through Sept. 14 and included 2,418 respondents, with a margin of error is 2.7 percentage points.

Wealth taxes are assessed on the value of assets held by an individual. Proposition 40 would apply to assets including commodities, ownership interests in companies and more for individuals with at least $1 billion in assets.

The Billionaire Tax Act is supported Rep. Ro Khanna (D-Calif.) and Rep. Maxine Waters (D-Calif.) The California Democratic Party and California Federation of Labor also support the measure. But California gubernatorial candidate Xavier Becerra, who is also the frontrunner in the race, is opposed to the tax, as well as outgoing Gov. Gavin Newsom.

The poll also indicated information about Proposition 40 is reaching more voters with 83 percent of likely voters reporting they have heard about the measure.