Why California’s billionaire tax was a harder sell than expected

Los Angeles Times · Queenie Wong, Seema Mehta · 2026-11-05 11:00 UTC

In one of the most expensive ballot fights in California history, opponents heavily outspent supporters of a billionaire tax to mostly fund healthcare. On Wednesday, the wealth tax appeared headed for defeat though results on Proposition 40 were too close to call.

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Despite a nationwide blue wave in the midterm election, California’s much-debated billionaire tax didn’t get the support many expected in one of the country’s most liberal states.

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