The Billionaire Backlash: A Warning Sign for Progressive Politics California's billionaires are flexing their muscles, pouring $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth.
This development should not come as a surprise, but it is a stark reminder of the deep pocketed opposition progressive policies face in the Golden State.
John Doerr and Chris Larsen are leading the charge against Proposition 40, with Doerr's $7. 5 million contribution eclipsing the average California resident's annual income.