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Archived story · published November 10, 2026. Coverage reflects reporting at the time. See today's brief

Politics · November 10, 2026

California voters reject measure to tax the wealth of billionaires

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California voters have rejected Proposition 40, a first-in-the-nation ballot measure that would have imposed a one-time 5% tax on individuals with a net worth exceeding $1 billion. The Associated Press called the race on Monday evening, reporting a defeat by a margin of 52.8% to 47.2%. Primarily backed by the SEIU-United Healthcare Workers West, the measure aimed to raise approximately $103 billion to offset healthcare and education funding reductions attributed to federal tax changes. The campaign was among the most expensive in state history, fueled by significant spending from tech billionaires and opposition from a coalition that included Governor Gavin Newsom. While the measure found support in major urban centers like Los Angeles and San Francisco, it was rejected in counties including Orange and San Diego.

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Reported across the spectrum

  • Proposition 40 was defeated by a margin of 52.8% to 47.2%.
  • The measure proposed a one-time 5% tax on the net worth of individuals exceeding $1 billion.
  • The Associated Press called the results on Monday evening.
  • Governor Gavin Newsom opposed the measure.
  • The proposal was intended to fund healthcare and education to offset federal funding reductions.

Reported by only some outlets

  • Opponents raised roughly 10 times as much as the 'yes' side, spending approximately $378 million.
  • Google co-founder Sergey Brin personally contributed over $100 million to defeat the measure.
  • The tax would have applied to more than 200 billionaires.
  • Advocates estimate the tax would have raised $103 billion.
  • California has previously rejected wealth tax proposals on three occasions.
  • The tax was specifically intended to fill gaps in the state's Medicaid program.
  • Voters in San Francisco and Los Angeles counties supported the measure, while Orange and San Diego counties opposed it.

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