New Delhi, Oct. 17 -- California's ultra-rich are reportedly preparing their legal strategy to fight the world's first billionaire tax if voters approve it in early November. If approved, it will be the world's first billionaire tax.

Tech billionaires have raised more than $340 million to defeat 'Proposition 40', a one-time 5 percent wealth tax that will fund healthcare and education, the Guardian reported.

The campaign they're funding is reportedly spending more than $1 million a day to defeat the measure, according to state financial disclosures

Californians will vote on the ballot measure, Proposition 40, in early November. If passed, it would require a one-time 5 per cent tax on the state's billionaires, with the proceeds mostly fu...