California's 5% Billionaire Tax Faces Defeat as Voters Back Tax Ban
California's proposed 5% billionaire tax was heading toward defeat Tuesday, November 3, 2026, as voters backed a competing constitutional amendment that would prohibit the state from imposing similar taxes on personal wealth.Proposition 40 had received 43.4% support in preliminary statewide returns, with 56.6% voting against it. Proposition 42, which would... Read More about California's 5% Billionaire Tax Faces Defeat as Voters Back Tax Ban