California voters reject Proposition 40 1-time 5% billionaire tax

World Nov 10, 2026

California just voted down Proposition 40, a plan to add a one-time 5% tax on billionaires to help pay for health care, education, and food programs.

The result followed months of heated debate and some seriously big spending from tech leaders and politicians trying to sway the outcome.

Nearly $425 million spent opposing Proposition 40

Opponents of the tax poured in nearly $425 million, with major names like Sergey Brin chipping in huge sums.

Critics said the measure was too broad, while supporters, including Bernie Sanders, argued it was needed after recent health care cuts.

Even though it didn't pass, this fight could shape how other states approach taxing the ultra-wealthy in the future.