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California voters defeat billionaire tax proposal that divided Democrats

California voters defeat billionaire tax proposal that divided Democrats
NPR News Tuesday 10 November 2026, 03:05 UTC By Larry Kaplow 1 min read
Key Points

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.(Image credit: Jae C. Hong)

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies.

(Image credit: Jae C. Hong)

California (LOCATION) Democrats (ORG) Jae C. Hong (PERSON)
Originally published by NPR News Read original →

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