Topic
A proposed California ballot measure imposing a one-time 5% tax on residents' assets above $1 billion, with proceeds earmarked mainly for healthcare.
The San Francisco Democratic Party broke with its state party 17-4 to oppose Prop 40, but the six billionaires who have already ended their California residency are the only votes on this measure that are already counted.
Reality
The CPA body opposes Proposition 40 on administrability grounds, then endorses Proposition 42, which would bar the tax outright. Approval votes, not a majority, settle it.
Reality
John Doerr put in $7.5 million and Chris Larsen $10 million against a one-time 5% wealth tax. Measured against what the measure would cost them, that is cheap insurance.
Reality
Mark Cuban and Ro Khanna spent a weekend arguing on X about California's Proposition 40. The operative question for founders is where the cash comes from.
Reality
California's billionaire tax faces a nine-figure defense built as ballot engineering: two counter-measures that only have to outpoll Prop 40, not beat it head-on.
Reality