California Voters Reject Billionaire Wealth Tax After Costly Campaign

California voters rejected a landmark billionaire wealth tax after a record-breaking opposition campaign.

California voters have turned down Proposition 40, ending an expensive ballot fight over a proposed one-off levy on the net worth of wealthy residents. The measure drew fierce resistance from technology executives and Governor Gavin Newsom, who warned of capital flight. Supporters had championed the tax as a vital tool to address economic disparity and expand public healthcare funding.

• The spendingThe opposition campaign spent $425,000,000 to defeat the measure.
• The tax rateThe rejected proposal would have levied a 5% charge on ultra-high net worth individuals.
• The political divideThe ballot measure split prominent Democrats, with Governor Gavin Newsom opposing the initiative alongside tech leaders.

What's new · 1h agoPost-election reporting revealed that the opposition campaign spent $425 million, making it the most expensive in state history.