California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worth

California’s billionaires are going on the defensive, putting millions of dollars behind an effort to defeat a one-time billionaire tax that would collect 5% of their net worth if approved.

A pair of billionaires, along with other wealthy individuals, have recently upped their contributions to Building a Better California, a PAC formed earlier this year to oppose Proposition 40, which would impose a one-time 5% tax on California residents with more than $1 billion in assets to increase healthcare funding in the state.

Venture capitalist John Doerr put in $7.5 million to the group, while the executive chair of blockchain company Ripple, Chris Larsen, contributed an extra $10 million to the group, according to a campaign finance filing from August 14, the Financial Times reported. Doerr is worth about $22.6 billion according to Forbes, while Larsen is worth $11.4 billion.

Some multimillionaires also contributed, including the co-founder of cybersecurity company Lookout, John Hering, and Greenoaks Capital founder Neil Mehta, who contributed $946,000 and $250,000, respectively.

The newest contributions come as Building a Better California boasts an endowment of $110 million as of late June—a sign that wealthy Californians are taking seriously the threat the one-time tax represents for their finances if approved by........

© Fortune