California voters fail to pass proposed one-time tax on billionaires’ wealth
Also reported by France24
Summary
California voters rejected Proposition 40, which proposed a one-time 5% tax on the wealth of residents worth more than $1 billion. The measure’s opponents, led by wealthy donors, spent nearly $425 million on their campaign; supporters said the tax would help fund health care, education and food assistance.Key Facts
- Proposition 40 would have applied to people in California with a net worth above $1 billion as of January 1, 2026.
- The measure was sponsored by the health care union SEIU-United Healthcare Workers West.
- The proposal directed tax proceeds to health care programs, with some funding for education and food assistance.
- California Governor Gavin Newsom opposed the measure, as did both major-party candidates for governor.
- Major unions and politicians including Bernie Sanders and Ro Khanna supported Proposition 40.
- Google co-founder Sergey Brin contributed at least $132 million to the opposition campaign, according to campaign finance filings.
- Opponents spent nearly $425 million, making it the most expensive opposition campaign in California state history.
- Propositions 41 and 42 offered countermeasures that could have blocked the tax if either received more yes votes than Proposition 40.
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