This story has moved onCalifornia Voters Reject Billionaire Tax MeasureLatest · Nov 8 · 1 newer step

Updated 3d ago · Politics

California Voters Reject Billionaire Wealth Tax

California voters rejected Proposition 40, a one-time 5% tax on billionaires' net worth. The measure was sponsored by the healthcare union SEIU-UHW.

$100 billion over five years was the backers' revenue estimate.
$102 million came from Google co-founder Sergey Brin to oppose it.
54.3% of voters approved Prop. 42, barring new personal property taxes.
82% of voters rejected Prop. 44, another union-backed measure.

Why it matters: Supporters said the tax would backfill federal healthcare funding cuts. About 200 people would have owed it.

Gov. Gavin Newsom opposed it, warning billionaires could leave the state.
Professor Thad Kousser said the loss would likely be framed nationally as a setback.

The story so far

5 steps · since Oct 21

Oct 21Stanford Economists Warn Billionaire Flight Could Erase Wealth Tax Gains14 sources
Oct 25Prop 40 Wealth Tax Expected to Fail on Nov. 3 Ballot15 sources
Oct 28Billionaires Pour Record $612 Million Into California Wealth Tax Fight12 sources
Nov 4California Voters Reject Billionaire Wealth TaxYou are here
Nov 8California Voters Reject Billionaire Tax Measure20 sourcesLatest

How 57 sources split on this story

Source landscape

Factuality

High

Mixed

Low

Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 57 sources

57 sources · 100 articles · 39% Right coverage

Where they split: Coverage differs on whether voters rejected wealth taxes outright or a measure weakened by divided Democrats and heavy opposition spending.

Center20 sources

Forbes5dCalifornia Billionaire Tax Appears Headed For Failure Fortune3dVoters in Silicon Valley rejected the billionaire wealth tax while those in Los Angeles and San Francisco—home to the two top AI companies—wanted it | Fortune CNBC4dCalifornia’s billionaire tax faces defeat, but Democrats plan higher taxes on the wealthy The Hill4dHorrible billionaires tax defeated in liberal California Yahoo News4d'Tax the rich' wins in ballot measures across the US Associated Press1w+California could become the first state to tax billionaires’ wealth Axios4dWashington voters reject repeal of income tax on millionaires Financial Times5dDemocratic wave keeps US wealth taxes on the agenda despite California setback France 241w+Californians vote on ballot initiative to impose one-time tax on billionaires IBTimes6dCalifornia's Billionaire Tax Is Trailing After Silicon Valley's Wealthiest Spent Millions To Stop It.MarketWatch5dBillionaires aren’t off the hook for higher taxes, even if they did dodge California’s wealth tax Newsweek5dCalifornia Prop 40 Results: Billionaire Wealth Tax Explained NOTUS1w+California Is Testing the Appetite for a Wealth Tax - The Washington Sun PBS NewsHour6dCalifornia voters consider proposition to tax billionaires' wealth RealClearPolitics5dCalifornia’s Billionaires Exhale as Prop 40 Goes Down Scripps News5dProp 40 billionaire wealth tax in California hangs in balance as votes are counted Semafor5dView: California’s billionaire tax is a referendum on the tech industry Stateline5dVoters reject most big tax overhauls, with a few notable exceptions The Economist1w+California’s billionaire tax is dividing Democrats The National Desk4dMillionaires Tax now goes to the courts after apparent repeal failure

Left15 sources

San Francisco Chronicle3dThis map shows where Prop 40 drew the most — and the least — support The Independent6dCalifornia's 5% billionaire tax: Here's what we know Los Angeles Times5dWhy California's billionaire tax failed to get the support many had anticipated ABC News6dBillionaire tax: What to know about California's Prop 40 Business Insider1w+CA Prop 40: Billionaire tax vote has Silicon Valley execs on edge Gizmodo1w+California Billionaire Pass Not Expected to Pass Hollywood Reporter6dHollywood Sat Out the Billionaire-Tax Fight. Its Workers Could Pay the Price.Ohio Capital Journal5dVoters reject most big tax overhauls, with a few notable exceptions Pennsylvania Capital-Star5dVoters reject most big tax overhauls, with a few notable exceptions Political Wire1w+California Is Testing the Appetite for a Wealth Tax Politico4d‘What a waste’: How California’s billionaire tax campaign fell apart The American Prospect4dVoters Lead a Backlash Against the Oligarchy - The American Prospect The New Republic6dWashington State Votes to Keep Making Millionaires Pay Their Share The New York Times1w+On the Ballot in California: The Prospects for a National Wealth Tax The Washington Post1w+California mega-rich have outspent foes 250-1 to sink 'billionaire tax'...

Right coverage, 22 sources: The right reads the result as a costly defeat for union leadership and a rejection of state wealth taxes.

New York Post5dSure, California voters overwhelmingly backed Democrats. But they refused to punish success.The Center Square5dBillionaire tax fails, bond measures pass in California Just the News6dBillionaire tax proposition in California fails The Epoch Times6dCalifornians Reject Wealth Tax on Billionaires City Journal6dThe Billionaire Tax Is on Its Way to Defeat. California Will Still Pay a Price.Hot Air6dThe California Wealth Tax Looks Dead Townhall4dCalifornia May Reject Its Wealth Tax, but Democrats’ Blue Wave Could Take the Idea Nationwide Washington Examiner5dCalifornia's wealth tax fails — but the damage remains ZeroHedge6d"Laboratories Of Democracy": Five State Ballot Measures To Watch Today American Greatness5dCalifornia Voters Reject Billionaire Tax, but Approve Billions in New Bonds › American Greatness BizPac Review1w+California’s potential billionaire tax has already cost the state Citizen Free Press6dCalifornia billionaire tax is losing 55-45.Daily Mail1w+Is the Golden State about to kill its golden geese? Today California votes on whether to impose a punitive tax to grab 5pc of the entire assets of its 250 billionaires. So could Labour's class warriors do the same here?Newsmax6dCalifornia Billionaire Tax Proposal Heads for Defeat NTD5dCalifornians Reject Wealth Tax on Billionaires OutKick5dNewsom breaks with socialists over billionaire tax, and California voters appear poised to reject it Power Line5dCalifornia wealth tax losing Reason1w+No, California's bond issues aren't 'free' money RedState1w+California Voters Asked to Simultaneously Raise, Outlaw, and Restrict New Taxes. Yes, Really The American Spectator4dEven Californians Rejected a Billionaire’s Tax Washington Free Beacon5d‘Billionaire Tax’ Appears Defeated in California, But Soak-the-Rich Approach Gains Traction Elsewhere WND4dPocketbooks protected: California billionaires can exhale as Prop 40 falls * WorldNetDaily * by Susan Crabtree, Real Clear Wire

What’s next: SEIU-UHW says it may return with a billionaire tax in 2028 if lawmakers do not act.

Union president Dave Regan faces misconduct charges, which he denies.
Reported margins vary while ballots are still being counted.
What is the final vote margin once counting ends?
Will the Legislature pursue other funding to replace the lost federal healthcare money?
Will SEIU's national leadership suspend or remove Regan?