California voters officially reject controversial billionaire tax in setback for progressive agenda
November 10, 2026
California voters just torpedoed a controversial, would-be historic wealth tax on billionaires.
Proposition 40 –– a measure that would have imposed a first-in-the-nation one time 5% tax on billionaires –– was rejected by Californians by 52.8% to 47.2%, according to the Associated Press on Monday.
While the proposal was rejected in most counties across the Golden State, traditionally blue ones like Los Angeles and San Francisco saw many residents coming out in support of the bill.
San Francisco County and Los Angeles County saw 56.2% and 55% of its voters, respectively, in favor of Prop 40.
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