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California's wealthiest residents have contributed over $600 million to defeat Proposition 40, a proposed wealth tax on billionaires, ahead of the November 3 midterm elections. The initiative, which would impose a one-time tax of up to 5% on the global assets of approximately 200 Californians with a net worth of $1 billion or more, has faced significant opposition from Silicon Valley tech leaders. Google co-founder Sergey Brin has been the largest donor, contributing $102 million, followed by former Google CEO Eric Schmidt and venture capitalist John Doerr, each contributing $40 million. The opposition has funded extensive advertising campaigns to sway voters against the tax, which proponents argue is necessary to fund healthcare for low-income households affected by Medicaid cuts.
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