CA 2026 Propositions: Real-Time Election Results
Backers said the measure would raise about $100 billion for healthcare as opponents warned it could drive wealthy residents out of California.
- On Tuesday, November 3, 2026, California voters rejected the proposed billionaire tax, dealing a significant defeat to proponents seeking to generate roughly $100 billion in revenue for healthcare programs over five years.
- Backed by SEIU-United Healthcare Workers West, the measure aimed to bridge federal funding gaps; Governor Gavin Newsom and business groups argued it would drive wealthy residents and their assets out of California.
- Tech figures, including Google co-founder Sergey Brin, spearheaded opposition with more than $350 million in spending, accounting for over 96 percent of the campaign's total funding against the measure.
- Voters also considered Proposition 42, which aimed to ban new state taxes on wealth and investment accounts, potentially nullifying any future attempts at similar levies if it received more votes than Prop. 40.
- While the billionaire tax failed, California's budget remains heavily reliant on high-earner income taxes, and economic analysts warn that billionaire departures could reduce available funds for education, healthcare and public safety.
118 Articles
118 Articles
California Billionaire Tax Looks to Be Failing, While Prop 42 Might Pass
California’s proposed one-time billionaire wealth tax was trailing in early election returns Wednesday morning, while Prop 42, which would prevent any future similar measures from getting on the ballot, is ahead by over eight points.
Conservative Review
The Washington Free Beacon‘Billionaire Tax’ Appears Defeated in California, But Soak-the-Rich Approach Gains Traction Elsewhere
Election results from a series of state ballot initiatives on tax issues suggest that the wave of Democratic victories may be more about gas prices and anti-Trump sentiment than any overwhelming voter enthusiasm for “tax the rich” policies.The post ‘Billionaire Tax’ Appears Defeated in California, But Soak-the-Rich Approach Gains Traction Elsewhere appeared first on .
Newsom breaks with socialists over billionaire tax as California voters appear poised to reject it - NEW YORK TIMES POST
NEWYou can now listen to Fox News articles! In the lead-up to the November midterms, the Democratic Socialists of America (DSA) put its support behind California’s Proposition 40, a measure that would impose a one-time 5% tax on billionaires in the state. Although the secretary of state’s election results show it on the path to [...]
Newsom breaks with socialists over billionaire tax, and California voters appear poised to reject it
Democratic Socialists of America back California's Prop 40 billionaire tax, putting the group at odds with Gov. Gavin Newsom, who calls it a badly written initiative.
24/7 Wall St.
BizTocThe Billionaire Tax Failed in California, but the Bigger Story Is What Voters Did to Protect Your 401(k)
California voters rejected the billionaire tax on Tuesday by a wide margin. Election-night returns counted by The Center Square showed Prop. 40 losing 56.5% to 43.5%, with 68.5% of precincts partially reporting. According to The Center Square, the measure would have imposed a one-time 5% tax on residents with wealth of $1 billion or more. […]
California voters would have voted for the No to impose a tax on billionaires, as well as to present an ID to vote
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