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California voters reject new tax on billionaires

Washington Post Politics Tuesday 10 November 2026, 03:02 UTC By Washington Post staff 1 min read
Key Points

California’s Proposition 40, a ballot measure that would enact a one-time tax on billionaires, was rejected by voters, according to the Associated Press. The ballot measure, which was proposed by a labor union of health care workers, sought to levy a one-time 5 percent tax on the wealth of the state’s billionaires. The proposition was backed by Sen. Bernie Sanders (I-Vermont) and opposed by outgoing governor Gavin Newsom, who, like many critics of the measure, feared it would hurt the...

California’s Proposition 40, a ballot measure that would enact a one-time tax on billionaires, was rejected by voters, according to the Associated Press. The ballot measure, which was proposed by a labor union of health care workers, sought to levy a one-time 5 percent tax on the wealth of the state’s billionaires. The proposition was backed by Sen. Bernie Sanders (I-Vermont) and opposed by outgoing governor Gavin Newsom, who, like many critics of the measure, feared it would hurt the state’s budget in the long run by causing billionaires to flee California.
California (LOCATION) the Associated Press (ORG) Bernie Sanders (PERSON) Gavin Newsom (PERSON)
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