# California voters fail to pass proposed one-time tax on billionaires’ wealth

- URL: https://talkfuse.com/story/california-voters-fail-to-pass-proposed-one-time-tax-on-billionaires-wealth/
- Published: 2026-11-10T02:54:54+00:00
- Updated: 2026-11-10T05:33:15+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/us-news/2026/nov/09/california-tax-billionaires-prop-40
- Topics: Elections, Politics, World

## Key points

- California voters rejected the proposed billionaire wealth tax.
- The one-time tax would have been 5% on wealth above $1bn.
- Opponents spent nearly $425m campaigning against it.

## Summary

California voters have rejected Proposition 40, which would have imposed a one-time tax on billionaires’ wealth. The result is a setback for efforts to tax the ultra-wealthy and could slow similar proposals in other states.

The measure proposed a 5% tax on people in California worth more than $1bn on 1 January 2026, with proceeds directed mainly to healthcare, as well as some education and food assistance. Its opponents, led by wealthy Silicon Valley figures, spent nearly $425m campaigning against it; Google co-founder Sergey Brin contributed at least $132m. Two competing ballot measures were also designed to block the tax if they received more votes than Proposition 40.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.