California voters reject one-time 5% billionaire wealth tax
Briefing by News4U · First published
California voters rejected Proposition 40, a one-time 5% tax on residents with net worth above $1 billion as of 1 January 2026, after opponents led by Sergey Brin spent over $333 million, making it the costliest campaign in state history. The measure, backed by SEIU-United Healthcare Workers West, Bernie Sanders and Ro Khanna, aimed to offset an estimated $100 billion in federal healthcare cuts over five years, with 10% of revenue for education and food assistance. Governor Gavin Newsom, Planned Parenthood Affiliates of California and the California Medical Association opposed it, citing risks of wealthy residents leaving and budget impacts. The Associated Press called the defeat on 9 November 2026. [1] [2]
Sources
- California voters fail to pass proposed one-time tax on billionaires’ wealth
The Guardian · · Full text
- California voters reject proposed one-time tax on billionaires' wealth
France 24 English · · Full text