California Democrats have endorsed a billionaire tax measure, known as Prop 40, despite opposition from Governor Newsom. This measure would target individuals with a net worth exceeding $1 billion. The campaign behind Prop 40 claims it could generate significant revenue, potentially around $100 billion.

A small group of people would be affected by this tax, with approximately 200 billionaires expected to pay it. Further details about Prop 40 are available from the source, including specifics about the campaign and its supporters. For more information, readers can consult the original report from ABC7 News.