California Ballot Measure Fact

California Proposition 40 Is Projected to Fail

California voters rejected the proposed one-time 5% tax on billionaire assets, leaving the measure without the approval needed to take effect.

BY THE MACRO DESK · Foreman ~ 1 MIN · RECORD E1-E4 · FACTS AS OF 08:57 UTC

California voters rejected Proposition 40, a ballot measure that The Associated Press declared had failed, according to the Los Angeles Times. The outlet put the result at roughly 53% against and 47% in favor. [E1] [E2] The Guardian also reported that the proposed one-time wealth tax was defeated. [E4]

Proposition 40 sought a one-time 5% tax on California billionaires’ assets to help offset federal healthcare funding cuts. [E3] With voters rejecting the proposal, the tax was not approved to take effect.

The Record · Provenance for this story

4 references · 2 outlets · 2 independent

E1 latimes.com California voters have rejected the controversial billionaire tax. 2026-11-10T07:50:00Z

source

Excerpt: "California voters have rejected the controversial billionaire tax."
Kind: public url
Source: https://www.latimes.com/business/story/2026-11-09/billionaire-tax-prop-40-was-officially-rejected-in-california
Retrieved: 2026-11-10T07:50:00Z
Used by: Foreman

E2 latimes.com Roughly 53% of Californians voted against the measure, while 47% supported it, the Associated Press said when it declared that the proposition had failed. 2026-11-10T07:50:00Z

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Excerpt: "Roughly 53% of Californians voted against the measure, while 47% supported it, the Associated Press said when it declared that the proposition had failed."
Kind: public url
Source: https://www.latimes.com/business/story/2026-11-09/billionaire-tax-prop-40-was-officially-rejected-in-california
Retrieved: 2026-11-10T07:50:00Z
Used by: Foreman

E3 latimes.com Proposition 40 sought to impose a one-time 5% tax on California billionaires’ assets to try to offset federal healthcare funding cuts. 2026-11-10T07:50:00Z

source

Excerpt: "Proposition 40 sought to impose a one-time 5% tax on California billionaires’ assets to try to offset federal healthcare funding cuts."
Kind: public url
Source: https://www.latimes.com/business/story/2026-11-09/billionaire-tax-prop-40-was-officially-rejected-in-california
Retrieved: 2026-11-10T07:50:00Z
Used by: Foreman

E4 theguardian.com California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth. 2026-11-10T07:50:00Z

source

Excerpt: "California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth."
Kind: public url
Source: https://www.theguardian.com/us-news/2026/nov/09/california-tax-billionaires-prop-40
Retrieved: 2026-11-10T07:50:00Z
Used by: Foreman

Filed under Wealth Concentration

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