California’s 5% Billionaire Tax Ballot Measure Fails
California voters rejected Proposition 40, which would have imposed a one-time 5% tax on individuals with net worth above $1 billion as of January 2026, to fund health care, education, and food assistance. The opposition campaign, led by tech billionaires, spent nearly $425 million, with Google co-founder Sergey Brin personally donating at least $132 million.
California’s 5% Billionaire Tax Ballot Measure Fails
California voters rejected Proposition 40, which would have imposed a one-time 5% tax on individuals with a net worth exceeding $1 billion as of January 2026, with the proceeds going to healthcare, education, and food assistance.
The opposition campaign was led by tech billionaires and spent nearly $425 million in total, making it the most expensive opposition campaign in the state’s history. Google co-founder Brin personally donated at least $132 million, and Governor Newsom and gubernatorial candidates from both parties opposed the proposal.
Source: The Guardian (https://www.theguardian.com/us-news/2026/nov/09/california-tax-billionaires-prop-40)