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Politics

California voters appear to reject Proposition 40 billionaire wealth tax

Tech figures spent over $300 million against the measure, far outpacing about $2 million in supporter ad spending.

Published Nov 10, 2026 · 03:32 UTC15 reports

The short version

  • California voters appear to have rejected Proposition 40, a one-time 5% tax on billionaires.[Business Insider]
  • Tech figures spent more than $300 million against the measure, while supporters spent about $2 million on ads.[Business Insider]
  • Proponents projected $100 billion over five years for healthcare, education and food aid, while a Stanford study estimated about $30 billion.[CBS News]
  • Governor Gavin Newsom has expressed a preference for taxing billionaires at the federal level.[CBS News]

Key facts

  • California voters appear to have rejected Proposition 40, a one-time 5% tax on billionaires.[Business Insider · The Guardian]
  • Proposition 40 would have levied a one-time 5% tax on California residents with a net worth of $1 billion, excluding real estate and certain retirement assets.[CBS News]
  • Tech figures spent more than $300 million to defeat the measure, while supporters spent about $2 million on ads.[Business Insider]
  • Opponents spent nearly $425 million against Proposition 40, the most expensive opposition campaign in state history.[The Guardian]
  • Building a Better California had raised over $250 million in the campaign against the measure as of Oct. 28.[CBS News]
  • Proponents said the measure would generate $100 billion over five years, with 90% going to healthcare programs.[CBS News]
  • A Stanford University study indicated that departing billionaires removed about $540 billion, or 30%, of California's billionaire wealth from potential taxation.[CBS News]

What remains uncertain

  • The result is preliminary, as outlets describe the rejection as apparent or projected rather than certified.[CBS News · Business Insider]
  • Revenue estimates conflict: proponents projected $100 billion over five years, while a Stanford study concluded about $30 billion.[CBS News]
  • Reported opposition spending totals differ between outlets, with figures of more than $300 million and nearly $425 million.[Business Insider · The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.