The billionaire-funded political action committee Building a Better California has spent more than $304 million to defeat California’s proposed billionaire tax on the November ballot and is far outspending groups that support the measure, according to a Capital & Main analysis of state campaign finance records.
Through Oct. 20, the analysis shows that Building a Better California has given $118.5 million to a committee opposing Proposition 40 — a one-time wealth tax on about 200 billionaires — and another $186 million to support Propositions 41 and 42 that could nullify the measure if they receive more votes, according to the state Legislative Analyst’s Office.
