Votantes De California rechazarían La Propuesta Del Impuesto a Millonarios
The measure failed 52.8% to 47.2% after opponents, backed by hundreds of millions of dollars, argued it would drive wealthy residents away.
- California voters rejected Proposition 40, a proposed 5% wealth tax on billionaires, with 52.8% voting against it and 47.2% in favor, according to Associated Press.
- Governor Gavin Newsom opposed the measure, arguing a single tax would not solve the state's fiscal problems, sparking internal Democratic Party divisions that weakened support.
- Opponents led by Google cofounder Sergey Brin donated $378.4 million to defeat the tax, vastly outspending the 'Yes' campaign's $33.5 million, prompting SEIU-UHW president Dave Regan to call the disparity "incredibly corrosive and corruptor."
- Voters approved Proposition 42, backed by Newsom, which prohibits future wealth taxes in California and complicates labor groups' plans to revisit similar taxation efforts.
- Labor leaders pledged to revisit the issue in 2028 if the California Legislature fails to provide real solutions for healthcare funding amid federal cuts.
39 Articles
39 Articles
Californians Finally Say No to the Tax on the Fortunes of Billionaires, Inspired by the "Zucman Tax"
The US state's billionaires had to be taxed at 5% of their net wealth in order to finance the public health system weakened by the enormous federal cuts imposed by Donald Trump.
California Rejects Billionaire Tax Prop 40 in 2026 Vote
California voters rejected a one-time 5% tax on the state’s billionaires, handing progressives a clear loss even as leading Democrats broke with the left to kill the measure. NBC News projected Monday that California voters had defeated Proposition 40, the ballot measure that would have imposed a one-time tax on residents with extreme wealth and steered most of the money to healthcare. The proposal would have been the first billionaire tax enact…
Times of San Diego
Cal MattersThe billionaires spent $378 million to defeat Proposition 40
Silicon Valley’s richest outspent supporters more than 10 to one to kill California’s billionaire tax—and won
California voters rejected a proposed tax on the state’s billionaires after some of Silicon Valley’s wealthiest executives and investors spent $378.4 million to defeat it—delivering a victory to a coalition led by Google cofounder Sergey Brin. The Associated Press called the race on Monday, with 52.8% of voters opposing Proposition 40 and 47.2% supporting it. The votes needed to pass the measure had trailed for days. The defeat means—at least f…
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