California voters reject billionaire wealth tax
The gist
California voters rejected Proposition 40, a one-time 5% wealth tax on the state's billionaires, about 53% to 47%.
The defeat ends the first US statewide billionaire wealth tax and leaves healthcare funding unresolved.
How it unfolded
- Jun 16, 2026California YIMBY, a housing advocacy group, announced its formal opposition to Proposition 40.
- Sep 25, 2026A poll showed 45% of likely voters in favor, 42% opposed and 13% undecided, with support falling as opponents spent heavily on advertising.
- Oct 5, 2026Opponents rallied at the Iron Workers Apprenticeship Training Center in La Palma, while Sen. Bernie Sanders, I-Vt., spoke at a pro-Proposition 40 rally in Los Angeles.
Key terms
- Proposition 40
- A California ballot measure combining a constitutional amendment and statute, nicknamed the billionaire or wealth tax.
- wealth tax
- A tax on an entity's total assets or net worth, including cash, property, and securities.
- SEIU United Healthcare Workers West
- A California statewide local union of the Service Employees International Union representing healthcare workers.
Source: Wikipedia