California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth

California's billionaires are spending millions of dollars, including contributions from John Doerr ($7.5 million) and Chris Larsen ($10 million), to oppose Proposition 40, a measure that would impose a one-time 5% tax on residents with over $1 billion in assets. The opposition group, Building a Better California, has raised an endowment of $110 million. However, recent polls indicate that likely voters are split on whether or not to approve the billionaire tax.