California's Billionaires Give Record $612 Million to Elections

Over 70 California billionaires, current and former, have donated a record $612 million to 2026 state elections, Politico reports. Most of it fights Proposition 40, a voter measure. It would charge a one-time 5 percent tax on worldwide net worth (total assets minus debts) of billionaires living in California on January 1, 2026. It remains a proposal until voters act.