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California voters reject billionaire tax after opponents argued it would harm the economy

A November rally against Proposition 40 at the Iron Workers Apprenticeship Training Center in La Palma. (Eric Thayer / Los Angeles Times) California voters have officially rejected the controversial billionaire tax. Proposition 40 sought to impose a one-time 5% tax on California billionaires assets to try to offset federal healthcare funding cuts. Despite the blue wave in the midterm elections, the novel tax on the ultra-wealthy had trailed from the first day of vote counting and was officially

10 Nov 2026 8:08 am