California voters reject a referendum to tax billionaire wealth

Updated 2026-11-12 · told from many outlets at once

California voters rejected Proposition 40, a referendum that would have imposed a one-time 5 percent tax on the wealth of approximately 200 billionaires. The proposal failed to achieve the required majority during the vote. Opponents of the measure warned that the tax could lead wealthy individuals to leave the state.

• Voters in California voted against a proposal to tax the wealth of billionaires.
• The proposal involved a one-time tax of 5 percent on the wealth of about 200 billionaires.
• Opponents warned the tax could cause the wealthy to leave the state.
• Sergei Brin, a Google founder, personally donated over 100 million US dollars to the political action committee opposing the proposal.
• The proposal, known as Proposition 40, did not achieve the necessary majority.

Outlets: ABC Color, CalMatters, Clarín, Denník N (Slovakia), Diken, Il Post, Interfax, LRT (Lithuanian), Mediapool.bg, Open, Rzeczpospolita, Seznam Zprávy

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