California Rejects $100M Billionaire Tax Despite Progressive Push

California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight.

The measure was seen as a key test for the global campaign against inequality, but warnings that the super-rich would leave the state won out.

California voters have rejected a one-time tax on billionaires, US media projected, despite growing anger over global wealth disparity.

The tax was introduced in response to steep cuts to California's healthcare funding that resulted from the passage of President Donald Trump's 'Big Beautiful Bill.

California voters just said no to taxing billionaires' wealth, but a measure to ban wealth taxes altogether could still pass.

By Ann Saphir and Peter Henderson SAN FRANSISCO, Nov 9 (Reuters) - A billionaire tax that US Senator Bernie Sanders and other progressives championed as an antidote to economic inequality and a …

California voters have rejected a proposed one-time tax on the net worth of billionaires in the state following a contentious ballot fight that generated huge spending by some prominent tech leaders …

Proposition 40 targeted Californian billionaires with a 5% tax on their total wealth, including assets such as shares as well as income.

Supporters said the measure would have raised over $100 billion for state funds, but opponents feared it would have sparked a wealth exodus.

Gov. Gavin Newsom opposed the measure, warning that it could encourage wealthy residents to leave the state.

Despite promises of billions in healthcare funding, voters rejected a tax that critics warned would drive wealthy residents and investment out of California.

California voters have officially 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 …

SACRAMENTO, Calif.

Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars

If the ballot measure had passed, it would have been the first major tax on general wealth, as opposed to income, in modern U.S. history.

California voters reject measure to tax the wealth of billionaires | AP News

The outcome could hinder the wealth tax movement in California and across the country in future years.

SACRAMENTO, Calif. (AP) — California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that g