California voters rejected Proposition 40, a ballot measure for a one-time 5 percent tax on the total wealth, including shares, of residents worth more than 1.1 billion dollars, with the outcome projected on Monday after nearly a week of counting since the midterm election. The tax, backed by healthcare union leader Dave Regan of SEIU-United Healthcare Workers West, was aimed at about 200 billionaires in the state and was estimated to raise about 100 billion dollars to backfill federal healthcare funding cuts and state budget gaps. It failed amid divisions among Democrats and labour unions: Governor Gavin Newsom opposed it over concerns the wealthy would leave the state, Google co-founder Sergey Brin gave more than 100 million dollars to a political organisation funding measures that could block it, according to the Los Angeles Times as cited by the BBC, and Regan pledged to seek a billionaire tax again in 2028.
California voters reject Prop 40 billionaire wealth tax
California voters rejected Proposition 40, a one-time 5 percent wealth tax on residents worth more than 1.1 billion dollars, with the result projected on Monday after nearly a week of counting.
Why it matters: The rejection closes, for now, a measure experts described as the world's first billionaire wealth tax, which supporters estimated would raise about 100 billion dollars toward healthcare funding gaps, and its sponsor has pledged to bring it back in 2028.
Data as of BBC News report of November 9, 2026, read in full via the estate browser route; The Guardian and France 24 reported the same rejection the same evening. The BBC report gave no vote share. Developing item.
Sources
- Californians reject Prop 40 wealth tax for billionaires - BBC News - 2026-11-09
- California voters fail to pass proposed one-time tax on billionaires' wealth - The Guardian - 2026-11-09