Californians reject wealth tax for billionaires
California voters have rejected Proposition 40, a ballot measure that would have imposed a 5% wealth tax on billionaires to fund healthcare. The proposal faced significant opposition from wealthy donors and political leaders concerned about capital flight.
Why it matters
The defeat of this measure reflects ongoing national debates regarding wealth inequality, taxation, and the economic impact of progressive fiscal policies.
Image source, Bloomberg via Getty Images By Sareen Habeshian Reporting from Los Angeles Published 10 November 2026, 03:00 GMT Updated 5 minutes ago California voters have voted to reject a wealth tax on its billionaires.
The ballot proposal would have levied a one-time tax on the state's mega wealthy to help fund healthcare. It took nearly a week of counting votes after the midterm election to determine a projection on the measure.
There are about 200 billionaires in the state, including Meta's Mark Zuckerberg , reality television star Kim Kardashian and media mogul Oprah Winfrey.
Proposition 40 targeted Californians with a wealth of more than $1.1bn (£800m) with a 5% tax on their total wealth, including assets such as shares as well as income. It failed amid divisions among Democrats and labour unions.
Are California voters about to impose 'world's first' tax on billionaires?
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