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California billionaire tax measure defeated in contentious vote

California billionaire tax measure defeated in contentious vote
South China Morning Post Tuesday 10 November 2026, 05:53 UTC By Reuters 1 min read
Key Points

A billionaire tax that US Senator Bernie Sanders and other progressives championed as an antidote to economic inequality and a potential model for the rest of the country was defeated in California, US media projected on Monday. Proponents had estimated Prop 40 would raise US$100 billion in revenue, most of which would have been earmarked for healthcare programmes to offset federal funding cuts designed to pay for tax breaks enacted last year under President Donald Trump’s “One Big Beautiful...

A billionaire tax that US Senator Bernie Sanders and other progressives championed as an antidote to economic inequality and a potential model for the rest of the country was defeated in California, US media projected on Monday. Proponents had estimated Prop 40 would raise US$100 billion in revenue, most of which would have been earmarked for healthcare programmes to offset federal funding cuts designed to pay for tax breaks enacted last year under President Donald Trump’s “One Big Beautiful... [Image text:] MAKE BILLIONAIRES PAY THEIR FAIR SHARE YES40 SAVELIVES.TAX BILLIONAIRES. YesOn40.com SHARE
California (LOCATION) US (LOCATION) Bernie Sanders (PERSON) progressives (ORG) Donald Trump (PERSON)
Originally published by South China Morning Post Read original →

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