# California voters reject proposed one-time tax on billionaires’ wealth

- URL: https://talkfuse.com/story/california-voters-reject-proposed-one-time-tax-on-billionaires-wealth/
- Published: 2026-11-10T03:19:56+00:00
- Updated: 2026-11-10T04:24:46+00:00
- Original publisher: France 24 (publisher lean: Centre)
- Original article: https://www.france24.com/en/americas/20261110-california-voters-reject-proposed-one-time-tax-on-billionaires-wealth
- Topics: Elections, Politics, World

## Key points

- California rejected a proposed one-time tax on billionaires.
- The tax would have applied a 5% levy to wealth above $1 billion.
- Opponents outspent supporters by roughly ten to one.

## Summary

California voters have rejected Proposition 40, a proposed first-of-its-kind tax on billionaires’ wealth. Its defeat is a victory for Democratic leaders who opposed it, including Governor Gavin Newsom, and closes a closely watched test of progressive efforts to tax investment wealth.

The measure would have levied a one-time 5% tax on Californians worth more than $1 billion, directing most of the proceeds to replace federal healthcare cuts and 10% to education and food assistance. Supporters cited an estimated $100 billion shortfall in federal healthcare funding over five years; opponents warned the tax could drive wealthy residents away and disrupt the state budget. The “no” campaign raised roughly ten times as much as supporters, with Google co-founder Sergey Brin contributing more than $100 million to a committee that raised over $333 million.

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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.