Economy · California, United States · United States of America · November 10, 2026

California voters reject billionaire wealth tax

Reported by 2 outlets · first reported Nov 9, 10:34 PM ET

US media projected that California voters rejected Proposition 40, a 5% tax on billionaires' total wealth. Warnings that the super-rich would leave the state won out. It was seen as a test of the global campaign against inequality.

Why it matters

It affects tax debates elsewhere on taxing extreme wealth.

Background

The measure was a one-off levy on the very rich.

Sources

• Euronews ↗Nov 10, 2:11 AM ET
• BBC Business ↗Nov 9, 10:34 PM ET

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