A plurality of likely California voters supports Proposition 40, a November ballot measure proposing a one-time wealth tax on the state’s richest residents, but backing remains below a majority. An NBCUniversal Local/Telemundo Station Group poll found 48% would vote yes, 38% no and 14% were undecided, with the 10-point gap exceeding the poll’s plus-or-minus 4 percentage-point margin of error. The measure would impose a one-time 5% tax on the assets of Californians worth more than $1.1 billion, apply a smaller tax to people worth between $1 billion and $1.1 billion, and apply retroactively to residents living in California on Jan. 1, 2026. Ninety percent of the revenue would go to healthcare, with the remainder divided between education and food assistance. Prediction-market odds of passage rose from 28% a week earlier to 31.5%, with 34 days remaining before the vote. The proposal has split California Democrats, with Rep. Ro Khanna and Tom Steyer supporting it and Gov. Gavin Newsom and Xavier Becerra opposing it over concerns that wealthy investors and technology leaders could leave the state.