SAN FRANCISCO — Billionaire opponents of California’s proposed wealth tax have spent more fighting it than they ever have on a political cause in the state, according to a POLITICO analysis. A record $612 million from more than 70 current and former California billionaires is flooding this year’s state elections, nearly half of it for groups working to defeat Proposition 40, the wealth tax initiative on Tuesday’s ballot, POLITICO found. The fight over Prop 40 has brought California’s wealthiest residents — many from its native tech industry — together in an unprecedented show of political coordination, the new data reveals.
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