Fewer than half of California voters back billionaire tax: Poll

A new poll released on Monday by the University of California, Berkeley Citrin Center for Public Opinion Research and POLITICO reveals that fewer than half of registered California voters support a proposed state ballot measure to impose a 5 percent tax on the net worth of the state's 200 billionaires.

According to the poll results, 45 percent of registered voters currently back the wealth tax initiative, leaving the measure without majority support as it faces declining backing among the electorate.