California voters reject Proposition 40, the proposed one-time 5% billionaire wealth tax
Voters in California rejected Proposition 40, a one-time 5% tax on residents with a net worth above $1 billion, according to the Associated Press as reported by techcrunch.com. The measure would have applied retroactively to anyone living in the state on January 1, 2026, with revenue earmarked mainly for Medi-Cal. Backers, largely labor unions and including its architects Emmanuel Saez and Gabriel Zucman, argued it would raise up to $100 billion over five years. Opponents, including Gov. Gavin Newsom and tech investors, argued it would drive out wealthy residents and reduce long-term revenue, and the "no" side reportedly raised about ten times as much money as the "yes" side. Supporters say they may try to put a similar measure on the ballot in 2028. Sources disagree on the size of the group affected: the article says a little over 200 billionaires, while the SPUR voter guide (spur.org, search snippet) says nearly 250 and sets the threshold at $1.1 billion rather than $1 billion.
Relatos divergentes
- techcrunch.com (citing AP): a little over 200 billionaires, net worth above $1 billion.
- spur.org voter guide: nearly 250 billionaires, net worth of at least $1.1 billion, tax applying to residents on or after January 1, 2026.
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California voters reject Proposition 40, the proposed one-time 5% billionaire wealth tax
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Voters in California rejected Proposition 40, a one-time 5% tax on residents with a net worth above $1 billion, according to the Associated Press as reported by techcrunch.com. The measure would have applied retroactively to anyone living in the state on January 1, 2026, with revenue earmarked mainly for Medi-Cal. Backers, largely labor unions and including its architects Emmanuel Saez and Gabriel Zucman, argued it would raise up to $100 billion over five years. Opponents, including Gov. Gavin Newsom and tech investors, argued it would drive out wealthy residents and reduce long-term revenue, and the "no" side reportedly raised about ten times as much money as the "yes" side. Supporters say they may try to put a similar measure on the ballot in 2028. Sources disagree on the size of the group affected: the article says a little over 200 billionaires, while the SPUR voter guide (spur.org, search snippet) says nearly 250 and sets the threshold at $1.1 billion rather than $1 billion.
Conflicting Reports
- techcrunch.com (citing AP): a little over 200 billionaires, net worth above $1 billion.
- spur.org voter guide: nearly 250 billionaires, net worth of at least $1.1 billion, tax applying to residents on or after January 1, 2026.