California voters fail to pass proposed one-time tax on billionaires’ wealth

Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth. The bruising campaign over Proposition 40 was the most expensive in state history and witness to back-and-forth dealing from tech billionaires and Democratic leaders, including Gavin Newsom, the governor, who steadfastly opposed the measure. Continue reading...

Dara Kerr · Mon, Nov 9, 2026, 6:54 PM
California | The Guardian

California voters fail to pass proposed one-time tax on billionaires’ wealth

Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars

California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth.

The bruising campaign over Proposition 40 was the most expensive in state history and witness to back-and-forth dealing from tech billionaires and Democratic leaders, including Gavin Newsom, the governor, who steadfastly opposed the measure.

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