California's Billionaire Tax Splits Democrats as Opponents Raise $340M

California's Proposition 40, a ballot measure for a one-time 5% tax on billionaire wealth, has split the state's Democrats, according to a Guardian opinion column. A summer poll found California Democrats in favor by more than 4 to 1, yet Governor Gavin Newsom, his likely successor Xavier Becerra and Los Angeles mayor Karen Bass have lined up with Silicon Valley billionaires who have raised upward of $340m to defeat it. Senators Alex Padilla and Adam Schiff, Kamala Harris and Nancy Pelosi have stayed silent on the measure. Nine-tenths of the revenue would go to healthcare for Californians in need; the state stands to lose around $100bn in federal Medicaid funding over five years, the New York Times has reported.