California Prop 40: Latest election results for billionaire tax

San Francisco Chronicle · Kathryn Palmer · 2026-11-04 03:09 UTC

In latest results, the historic measure to tax California billionaires was trailing, and one of two measures to effectively block the measure was leading.

Proposition 40, the measure to enact a one-time billionaire tax, was trailing 55% to 44% Wednesday morning, with votes left to be counted. Compounding the bleak outlook for the tax: One of two measures to effectively block the measure if it passes was leading in early returns.

The fight over the measure — which began long before it even made the ballot — escalated into one of the most contentious and costly battles in California history, dividing Democrats and rallying some of Silicon Valley’s most influential tycoons.

Prop 41, which would effectively nullify the one-time wealth tax, was trailing with 52% of the vote Wednesday morning. It would prevent a spending limit exemption in the billionaire tax measure central to Prop 40’s ability to funnel the billionaire tax revenue into backfilling federal healthcare funding cuts.

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