Coverage dated November 4, 2026 to November 11, 2026
Billionaire tax fails in California, deepening Democratic divide
Headline from Deseret News, on the newest of 2 developments
California voters rejected a proposed billionaire tax, The Associated Press projected Monday. The tax became a point of disagreement among Democratic leaders, including Gov. Gavin Newsom, who opposed the measure.
Deseret News's own description from its feed. We collect headlines and these descriptions, not full articles; read the original reporting below.
Developments in this update
2 dated developments, oldest first, newest marked. Each is named by one outlet's own headline; open its reports to see every outlet that covered it.
Billionaire tax measure on California ballot defeated
Headline from Bismarck Tribune ·
Newest
Billionaire tax fails in California, deepening Democratic divide
California voters are expected to reject a first-of-its-kind tax on billionaires, DDHQ projected on X, marking the end to one of the most expensive and divisive political battles in state history.
California voters are rejecting a proposal to impose a wealth tax on billionaire residents, marking a major win for tech and business executives, who spent hundreds of millions against the measure, according to a projection from Decision Desk HQ (DDHQ).
LOS ANGELES — Despite a nationwide blue wave in the midterm election, California’s much-debated billionaire tax didn’t get the support many expected in one of the country’s most liberal states.
California voters rejected Proposition 40, a proposed one-time 5% tax on billionaires’ wealth that supporters said would fund health care and offset federal cuts. Billionaires and business groups spent heavily to defeat it, while supporters argued it could raise tens of billions; Gov.
Proposition 40 would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Most of the revenue would replace federal funding cuts to healthcare.
Signage in support of the Billionaire Tax Now coalition during a news conference in Los Angeles, California, US, on Monday, April 27, 2026. California’s labor unions and billionaires are spending lavishly on a political battle over a proposed new tax on the states wealthiest citizens.
WASHINGTON (AP) — California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up.
Supporters of Proposition 40, a proposal to tax California billionaires to mostly fund healthcare, faced opposition from politicians, a teachers union and other powerful groups before residents cast their votes.
Voters in California have rejected a tax on the state's wealthiest residents, CBS News projects, following a campaign that has split traditional allies and shattered spending records for a tax-related measure in California.
California voters rejected a measure that would have taxed the wealth of the state’s billionaires, a provision that some on the Left saw as a trial balloon for a nationwide wealth tax. Proposition 40 failed with 53.8% voting against it and just 47.
Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth.
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 on billionaires –– was rejected by Californians by 52.8% to 47.
California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up.
California voters have rejected a proposed 5% tax on the net worth of billionaires, handing a victory to tech leaders who poured hundreds of millions of dollars into defeating the measure. The defeat of Proposition 40 also marks a setback for progressives seeking to tax the wealth of the ultra-rich.
By Jose Fabian California voters rejected Proposition 41, which would have changed state tax and spending rules and could have possibly invalidated the billionaire wealth tax if it had passed, CBS News projects. Prop.
