Billionaires Pour Record $612 Million Into California's 2026 Races

More than 70 current and former California billionaires have given a record $612 million to the state's 2026 elections, according to Politico, largely to oppose Proposition 40. The measure would levy a one-time 5 percent tax on the worldwide net worth of billionaires living in California on January 1, 2026. It is still only a proposal until voters act.