GoKawiilCalifornia voters reject Proposition 40 billionaire wealth tax
California's Proposition 40, a one-time 5% wealth tax on residents worth over $1 billion, failed at the ballot box according to the Associated Press. The measure, which would have applied retroactively to anyone residing in the state as of January 1, 2026, was opposed by Gov. Gavin Newsom and faced a costly campaign pitting labor unions against wealthy tech figures. Supporters had said the tax could generate up to $100 billion for programs including Medi-Cal.