# California voters reject billionaire wealth tax after record opposition spending

- URL: https://talkfuse.com/story/techs-biggest-names-sunk-a-tax-on-billionaires-wealth-with-425m-and-a-familiar-playbook/
- Published: 2026-11-10T13:19:35+00:00
- Updated: 2026-11-10T13:47:57+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/us-news/2026/nov/10/california-billionaire-tax-opposition
- Topics: Americas, Business, Companies, Elections, Politics, World

## Key points

- California rejected the billionaire wealth tax and approved a ban on such taxes.
- Opponents raised nearly $425m, led by Sergey Brin’s $132m contribution.
- The tax campaign had just over $31m and warned of healthcare funding losses.

## Summary

California voters rejected Proposition 40, a proposed one-time 5% tax on billionaires, while approving Proposition 42, which would ban taxes on billionaire wealth. The result followed a record opposition campaign funded by some of Silicon Valley’s wealthiest figures, and could affect plans to use tax revenue to address healthcare funding losses linked to federal legislation.

Sergey Brin contributed at least $132m and Eric Schmidt more than $48m; in total, opponents raised nearly $425m, compared with just over $31m for the campaign backing the tax. Opponents’ advertisements portrayed the proposal as a threat to ordinary people, while supporters argued that healthcare services would suffer without the funds. The measure did best in wealthier, more Democratic counties and was heavily rejected in many rural, poorer counties.

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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.