00:00California's richest residents are pouring in millions to block a proposed billionaire tax.
00:05Proposition 40 would impose a one-time 5% tax on California residents with more than $1 billion in assets
00:12to increase healthcare funding in the state.
00:14Google co-founder Sergey Brin has put $102 million alone towards opposing the measure, including an additional $20 million contribution
00:23to an anti-tax PAC.
00:25Billionaires John Doerr and Chris Larson have contributed $7.5 million and an extra $10 million to building a better
00:32California, according to a campaign finance filing.
00:35The group already had $110 million as of late June before Brin's contribution and has reportedly reserved $87 million of
00:44that for ad time ahead of the November election.
00:47But California residents are split when it comes to the tax.
00:50According to a recent poll by UC Berkeley, 48% of likely voters support the measure, while 41% oppose
00:57it.
00:58Registered Democrats overwhelmingly back the tax, but Governor Gavin Newsom and gubernatorial candidate Javier Becerra oppose it, arguing that it
01:06would cause wealth to move out of the state.
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