California’s billionaires beat back a proposed wealth tax. But the rich in Hawaii, Rhode Island and other states are set to face wealth taxes targeting the 1%.
California voters rejected Proposition 40, a proposed tax on billionaires, on Nov. 10, 2026, according to reports from CBS News and the Los Angeles Times. CBS News initially projected the measure would fail, while the Los Angeles Times later reported its rejection as official. The Irish Times described it as a one-time 5% levy on the assets of 250 billionaires; the Los Angeles Times said supporters intended to use most of the money for healthcare. The reports do not give a final vote tally.
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