California Billionaire Tax Referendum

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 29 Oct

   Californians are set to vote on Proposition 40, which would take 5% of fortunes above $1 billion, once, and send nine-tenths of the revenue to fund California’s Medicaid program.

   4 outlets · Time
2. 3 Nov

   Californians vote Tuesday on whether to tax billionaires' net worth, a ballot measure that has split liberal leaders and drawn enormous spending from the ultra-rich.

   3 outlets · The Independent
3. 4 Nov

   Proposition 42 was designed to prohibit new state taxes on personal property and restrict certain retroactive taxes.

   2 outlets · Fox News
4. 5 Nov

   Most of the estimated $100 billion proponents projected it would raise was to be earmarked for healthcare programs that stand to lose billions of dollars in federal funding as part of last year's tax cut package, which passed with Republican-only support in the US Senate.

   2 outlets · The Straits Times

Coverage 14 articles

• 5 Nov Billionaire tax measure trails as California tallies votesAs California tallies votes, Proposition 40, a proposed wealth tax targeting billionaires, appears to be trailing despite favorable voter registration for Democrats. The measure would impose a one-time 5% levy on assets of California's estimated 250 billionaires, expected to raise around $100 billion. However, it faces significant opposition due to concerns that such a tax could drive wealthy individuals and…The Straits Times
• 5 Nov Sure, California voters overwhelmingly backed Democrats. But they refused to punish success.California voters rejected Proposition 40, a wealth tax targeting the state’s richest residents, on Election Day. The proposition, which aimed to take 5% of the assets from the wealthiest Californians, was defeated despite support from high-profile figures like Bernie Sanders and Ro Khanna. Dave Regan, president of SEIU-United Healthcare Workers West, spent $47 million advocating for Proposition 40 but failed due to…New York Post
• 4 Nov Newsom breaks with socialists over billionaire tax, and California voters appear poised to reject itCalifornia's Proposition 40, which would impose a one-time 5% tax on billionaires' assets, faces likely defeat as of Wednesday, despite support from the Democratic Socialists of America (DSA). The measure aims to address a $100 billion shortfall in Medi-Cal funding by taxing the state’s wealthiest residents. Governor Gavin Newsom opposes the proposition, highlighting broader debates about socialist policies and…Fox News
• 4 Nov Billionaire tax measure trails as California tallies votesAs California tallies votes on November 4, Proposition 40, a proposed billionaire wealth tax measure championed by progressives like Senator Bernie Sanders, appears headed for defeat. The measure would impose a one-time 5% levy on the assets of California's estimated 250 billionaires and was projected to raise $100 billion, most earmarked for healthcare programs. As of Wednesday morning, 55.6% of counted ballots…The Straits Times
• 4 Nov California’s billionaire tax is a referendum on the tech industryCalifornia's proposed billionaire tax ballot measure has emerged as a broader critique of the state’s tech industry, reflecting public concerns over the impacts of technology on everyday life. While the tech sector has historically fueled California’s economic growth, issues like social media's effects on children and anxieties about AI are now drawing significant backlash. This shift is evident in unexpected…Semafor
• 4 Nov California’s controversial billionaire tax looks headed for defeatCalifornia's Proposition 40, which aimed to impose a one-time 5% tax on billionaires' wealth, appears headed for defeat according to early vote counts. With roughly half the ballots tallied, Prop. 40 was trailing at 56% against it and 44% in favor. The proposal faced fierce opposition from tech entrepreneurs like Google co-founder Sergey Brin, who contributed over $100 million to defeat it. Additionally, competing…New York Post
• 3 Nov Billionaire tax: What to know about California's Prop 40California voters are deciding Proposition 40, which would impose a one-time 5% tax on the wealth of individuals and trusts with assets over $1 billion. This initiative aims to generate tens of billions in revenue for state healthcare programs, food assistance, and public education. Proponents argue it will help alleviate financial burdens on public assistance programs, while critics warn it could lead to an exodus…ABC News (US)
• 3 Nov Proposition 40: How California could become the first US state to tax Billionaires' wealthCalifornia voters are deciding on Proposition 40, which would impose a one-time 5% tax on individuals with net worth over $1 billion to fund healthcare after federal cuts. If approved, California would be the first U.S. state to implement such a wealth tax. The measure faces strong opposition from tech billionaires and their political action committees who have spent significantly more than supporters in this…The Independent
• 3 Nov Could California actually become the first state in America to tax billionaires?Californians are voting on Proposition 40, which proposes a one-time 5% tax on the net worth of individuals exceeding $1 billion. If passed, California would be the first state in America to implement such a tax, with revenue aimed at replacing federal funding cuts for healthcare programs. The measure has sparked intense debate and significant financial opposition from wealthy tech entrepreneurs like Google…The Independent
• 3 Nov California could become the first State to tax billionaires' wealthOn November 3, 2026, California proposed a ballot measure called Proposition 40 that would impose a one-time 5% tax on the net worth of Californians with over $1 billion in assets. The initiative aims to address federal healthcare funding cuts and has sparked intense debate among political figures and wealthy individuals; tech moguls like Sergey Brin and Larry Page have already started relocating, while others such…The Hindu

Keep exploring

Similar coverageBillionaires Tax Proposals Similar coverageCalifornia Wealth Tax Backlash Similar coverageBillionaire Tax Controversy Similar coverageZuckerberg Deal On California Billionaire Tax Similar coverageGavin Newsom Proposes Hollywood Tax Breaks Similar coverageBecerra And Hilton Campaign Tour Similar coverageCalifornia Environmental Regulations Commendation Similar coverageCalifornia Health Insurance Lawsuit Similar coverageLA Mansion Tax Backfire RecentElon Musk Suffers Midterm Defeats