Voters in several states endorsed higher taxes on wealthy households in Tuesday's midterm elections, but the most ambitious proposal of all—a one-time 5% tax on California billionaires—appears headed for defeat. The results suggest Americans are willing to ask the…
LOS ANGELES, United States (AFP) — A proposal to levy a one-off tax on billionaires in California appeared to be headed for defeat Wednesday in a vote being watched around the world at a time of growing anger over wealth disparity.
California voters appear to be rejecting wealth taxes, particularly on billionaires, but an initiative to make it more difficult to raise taxes via ballot measures is currently failing. As of Wednesday morning, Proposition 40, a wealth tax on billionaires, appears headed…
California voters are on track to reject a first-of-its-kind tax on billionaires, marking the end to one of the most expensive and divisive political battles in state history. A defeat would deal a major setback for efforts to tax extreme…
By Anna Claire Vollers, Stateline November 4, 2026 Despite the blue wave that swept the nation on Tuesday, voters were more cautious about making sweeping changes to their taxes. Most states with tax policy on the ballot saw voters reject large-scale change,…
For several of them, the relief comes from a distance. Long before a single ballot was counted, the Google co-founders, the Oracle founder, and the PayPal co-founder had moved out of the state or relocated businesses, part of an exodus…
The likely defeat of the California billionaire tax may energize Democrats in Congress to propose federal tax hikes on high earners along with a potential federal wealth tax, according to tax experts. While the votes in California are still being…
Despite a nationwide blue wave in the midterm election, California’s much-debated billionaire tax didn’t get the support many expected in one of the country’s most liberal states. Since the Golden State’s powerful healthcare union proposed the new tax, supporters of…
Jane Kim, Sen. Bernie Sanders and Rep. Ro Khanna stand together at a "Ballots Over Billionaires" rally at the Curran Theatre in San Francisco on Oct. 3, 2026. The looming defeat of Proposition 40 showed that in one way, Texas is far more…
California billionaires put Prop. 42 on the ballot to counter a proposed wealth tax. It passed, creating a new obstacle to future wealth taxes. The proponents of a California billionaire tax didn’t just lose their campaign to impose a first-in-the-nation tax…
Who won, and by how much.
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