California Billionaire Tax Proposal Likely Rejected in Referendum, Setback for Wealth Tax Push Nationwide
Decision Desk HQ projects California voters will reject Proposition 40, the first billionaire tax in the US, which would have imposed a one-time 5% levy on the assets of billionaires living in the state at the start of 2026, with most revenue going to healthcare. With about 71% of ballots counted, only 46% supported the measure while 54% opposed it. The defeat is a major setback for the national wealth-tax movement, which had hoped California would provide a model for other states, and it came against opposition from a coalition including tech billionaires, Governor Gavin Newsom, and Planned Parenthood affiliates.
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- 36氪 AI2026-11-07 06:37