# Oligarchs Got Crushed on Election Day, But Still Managed to Kill California’s Wealth Tax Dreams

- URL: https://talkfuse.com/story/oligarchs-got-crushed-on-election-day-but-still-managed-to-kill-californias-wealth-tax-dreams/
- Published: 2026-11-10T12:30:00+00:00
- Updated: 2026-11-10T13:36:53+00:00
- Original publisher: Mother Jones (publisher lean: Left)
- Original article: https://www.motherjones.com/politics/2026/11/california-billionaire-tax-prop-40-defeated-prop-42-passes-results-oligarchs-wealth-retirement-savings/
- Topics: Americas, Elections, Politics, World

## Key points

- California voters rejected the proposed billionaire wealth tax.
- Prop. 42 was ahead and could constrain future wealth taxes.
- Opponents spent more than $330 million campaigning against Prop. 40.

## Summary

California voters rejected Prop. 40, a proposed one-time tax on billionaires’ wealth, after opponents spent heavily to raise doubts about its effects. The result matters because the measure would have been the first US tax of its kind, while a competing measure, Prop. 42, could limit California’s ability to tax wealth in future.

With 83 per cent of votes counted, the Associated Press called Prop. 40’s defeat; Prop. 42 was ahead by 3.2 percentage points but had not been called. Opponents of Prop. 40, including billionaires and prominent Democrats, spent more than $330 million on an advocacy effort, arguing the tax could prompt wealthy residents to leave and damage the state’s economy. Prop. 40 would have directed most of its revenue to healthcare, while Prop. 42 was promoted partly with claims that retirement savings were at risk.

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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.