# California’s proposed ‘billionaire tax’ fails to pass

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10 outlets covering · First listed: TechCrunch, Nov 9, 2026, 11:18 PM · Read it: <https://techcrunch.com/2026/11/09/californias-proposed-billionaire-tax-fails-to-pass/>

California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.

## Who's covering it

In the order they published:

- Nov 9, 2026, 11:18 PM: [California’s proposed ‘billionaire tax’ fails to pass](<https://techcrunch.com/2026/11/09/californias-proposed-billionaire-tax-fails-to-pass/>) — TechCrunch (Digital news, United States)
  California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
- Nov 10, 2026, 4:47 AM: [California's Prop 40 'billionaires' tax' measure is rejected, AP projects](<https://abcnews.com/Politics/californias-prop-40-billionaires-tax-measure-rejected-ap/story?id=137999519>) — ABC News (TV network, United States)
  The tax was introduced in response to steep cuts to California's healthcare funding that resulted from the passage of President Donald Trump's "Big Beautiful Bill."
- Nov 10, 2026, 5:30 AM: [Why did California's billionaire tax fail to surf the blue wave?](<https://www.npr.org/sections/planet-money/2026/11/10/g-s1-152755/why-did-californias-billionaire-tax-fail-to-surf-the-blue-wave>) — NPR (Public broadcaster, United States)
  Two economists debate what California's vote on Prop 40 means for the wealth tax movement.
- Nov 10, 2026, 6:38 AM: [California's billionaire tax failed, but 'tax the rich' measures succeeded elsewhere](<https://finance.yahoo.com/economy/article/californias-billionaire-tax-fails-but-other-tax-the-rich-measures-succeeded-around-the-country-123827246.html>) — Yahoo News (Digital news, United States)
- Nov 10, 2026, 6:38 AM: [California's billionaire tax fails, but other 'tax the rich' measures succeeded around the country](<https://news.google.com/rss/articles/CBMi5gFBVV95cUxQUEw1SmJPRGhVS1hFY1V6QnNMZW8teUFGN1R3NGh4V19HRm5LWWV5RklsTzFQLWdOcG9oNS1ENmg4ZUNRMVZrZjZ6SEIxYVVPYjZnNFRMaEswNGNXWDh3TUxOT19mYTdNUUVndzNFWHZkSHhnMW94QUVKWXhLdkhjTnJESG81Z1N0SXJFeGZlbzlYYk1Xc19hcE1FYmlWN18tNkZBbjNWQndSNHpTYzQ0XzNRYUpiUGxYUmlpNWFobnI2U3pPSzh5TEpyMjRfQWhRN0YtLXhRcTVGODloazAwTE92RVg0dw?oc=5>) — Yahoo Finance (Business & finance, United States)
- Nov 10, 2026, 9:10 AM: [Failure of California Billionaire Tax Strikes Blow to Progressive Agenda](<https://www.nytimes.com/2026/11/10/business/billionaire-tax-progressive-agenda.html>) — New York Times (Newspaper, United States)
  A wealth tax on billionaires seemed like a political layup. The outcome of a California ballot initiative shows otherwise.
- Nov 10, 2026, 12:48 PM: [California voters reject tax on net worth of billionaires](<https://www.pbs.org/newshour/politics/california-voters-reject-tax-on-net-worth-of-billionaires>) — PBS NewsHour (Public broadcaster, United States)
  The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion.
- Nov 10, 2026, 6:19 PM: [California voters reject Billionaire tax \| CNN Politics](<https://news.google.com/rss/articles/CBMipAFBVV95cUxPQlFoNHEyM1FCMGdVOGZxWERGN0k1dnFOUGtsSnoxUGk0WDFlT09TaWVLcXVOUkVlU1VZRFNWUFFmRFRjWU5nQzI3YU55M05fd3lkZHg3bElWVGEyaHlUTEFLQ1lWTDdMQVNRVnZLa1hIRFBHWHRISHdLSDhlejZ2VmViWTF3NzhfeUtTNnBldW52bjNpU0VGX3VRSFdMRzd1LWlzNQ?oc=5>) — CNN (TV network, United States)
- Nov 10, 2026, 9:20 PM: [California’s billionaire tax is dead – but the state’s paid a staggering price](<https://nypost.com/2026/11/10/opinion/californias-billionaire-tax-is-dead-but-the-states-paid-a-staggering-price/>) — NY Post (Newspaper, United States)
  The “billionaire tax” is officially dead. Voters rejected Proposition 40 by a wide margin, restoring hope for common-sense governance in the Golden State.
- Nov 11, 2026, 1:54 AM: [Sergey Brin’s $102 million helped sink California’s billionaire tax and may block the next one](<https://fortune.com/2026/11/11/california-prop-42-wealth-tax-ban-billionaires/>) — Fortune (Magazine, United States)
  Proposition 42, bankrolled largely by Sergey Brin, bars new state taxes on stocks, business stakes and other assets. Critics say it could reach capital gains.