# California voters reject one-time 5% billionaire wealth tax

_Published Tuesday, November 10, 2026 at 4:12 AM EST · Products, Policy · Latest · Tier 2 — Notable_

![California voters reject one-time 5% billionaire wealth tax — Primary](https://techcrunch.com/wp-content/uploads/2025/02/elon-musk-election-afd-purple.jpg?resize=1200,826)

California voters rejected Proposition 40, a proposed one-time 5% wealth tax on residents worth more than $1 billion, TechCrunch reported, citing an Associated Press report Monday. The proposal would have applied retroactively to people residing in California on January 1, 2026, with proceeds supporting public programmes including Medi-Cal.

The defeat removes the proposed levy on wealth that can include founders' company holdings. Opponents argued it could force share sales and drive residents away; policy architect Emmanuel Saez disputed claims that it would require founders to surrender voting control. Backers said they could put a similar tax on the ballot in 2028.

## Sources

- [TechCrunch](https://techcrunch.com/2026/11/09/californias-proposed-billionaire-tax-fails-to-pass/)

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Canonical: https://techandbusiness.org/newswire/klGfkL0wg0At-1Q4_1uZ24
Published: 2026-11-10T09:12:05.030Z
Story chronology: 2026-11-10T05:18:43.000Z
Retrieved: 2026-11-10T11:18:16.949Z
Publisher: Tech & Business (techandbusiness.org)