Billionaires Give Record $612 Million to California's 2026 Elections

Politico reports more than 70 current and former California billionaires have contributed a record $612 million to California's 2026 state elections, largely opposing Proposition 40. The measure would impose a one-time 5 percent tax on worldwide net worth of billionaires living in California on January 1, 2026. It remains a proposal until voters act.