New poll shows billionaire tax falling behind as election nears

Californians’ appetite for a first-in-the-nation wealth tax appears to be waning.

With less than a week before Election Day, support for Proposition 40, a proposed billionaire tax, is now under water, according to the latest poll by Public Policy Institute of California. Published Tuesday, the survey found that 46% of 1,086 likely voters support the tax, while 52% don’t.

That’s a notable change from last month, when Prop. 40 proponents held a slim 52% majority. The billionaire tax is by far the biggest and most expensive fight on the ballot. As of mid-October, wealthy people who oppose it have raised more than $205 million to fight the tax, including Google co-founder Sergey Brin, who has poured at least $102 million.

Still, Prop. 40 supporters remain undeterred. In response to the PPIC poll, Suzanne Jimenez, the chief of staff of Service Employees International Union-United Healthcare Workers West, the union behind the measure, said “large majorities of Democratic voters” continue to support it.

• Jimenez, in an email to CalMatters: “Even after months of the most controversial billionaires on the planet spending millions to spread misinformation about it, a clear majority of voters support asking about 250 billionaires to pay a modest, one-time tax to keep … healthcare affordable for millions of Californians.”

Meanwhile, a pair of related ballot measures intended to negate the billionaire tax could go either way.

Prop. 42, with 51% in support among those polled, holds onto a narrow lead. It would bar new taxes on personal property and assets and prohibit retroactive taxes. Prop. 41, which would impose limits to certain new state taxes, appears to be falling short with 48% support.

Voters seem to be more favorable on five other ballot measures. A majority of survey participants said they would vote yes on: 

• Prop. 1, the $11.25 billion housing bond
• Prop. 2, which would increase the amount of tax revenue the state can put in savings 
• Prop. 3, which would permanently extend an income tax for high-earning households 
• Prop. 37, which would create a $25 billion fund to help homebuyers
• Prop. 38, which would dedicate $8 billion in bonds to fund immunology research

As for the governor’s race, Democratic candidate Xavier Becerra continues his lead in the polls with PPIC reporting that 61% of likely voters would vote for him, compared to 37% for Republican Steve Hilton.