World News

California voters defeat billionaire tax proposal that divided Democrats

Nov 10, 2026 · Larry Kaplow

Originally published by NPR News Read the original

California voters defeat billionaire tax proposal that divided Democrats
California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state.
California voters rejected Proposition 40, the billionaire tax, which had divided Democrats with opponents saying it would drive the wealthy from the state.

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.

(Image credit: Jae C. Hong)

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