California’s Billionaire Tax Faces Defeat, but Democrats Plan Higher Taxes on the Wealthy

Wealth Tax Plans Face Steep Odds Despite Big Democratic Midterm Wins

Democrats swept the 2026 midterms, but California rejected its wealth tax. Here is why taxing wealth in the U.S. is so hard and what lawmakers could try instead.

California’s billionaire tax faces defeat, but Democrats plan higher taxes on the wealthy

The likely defeat of the California billionaire tax may energize Democrats in Congress to propose federal tax hikes on high earners, according to tax experts.

Despite California loss, advisors should prep for more wealth tax proposals

Democrats' gains, public sentiment and states' need for revenue suggest that lawmakers aren't done with schemes to tax their wealthiest residents.