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California billionaire tax proposal

California voters rejected Proposition 40, a one-time 5% tax on billionaires' net worth over $1bn, with the 'no' side leading 55.6% to 44.4% on roughly 60% of ballots counted, after.

Updated 16:55 UTC, 10 November 2026 · 7 reports from 7 outlets · 7 confirmed · 32 one-source

Top reportCalifornia rejects billionaire taxRT · State media ·

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People, places & organisations

What changed

Last 48 hours, newest first (times UTC)

  1. Ghost edit The Guardian World edited "California voters fail to pass proposed one-time tax on billionaires’ wealth": Prop 40 failed: 52.8% no, 47.2% yes; AP called race; added quotes calling it "false assumptions," "reckless experiment," "Buying an election"; "Trump's" became "Donald Trump's"; "counter-measure 41 min ago
  2. Where it stands California voters rejected Proposition 40, a one-time 5% tax on billionaires' net worth over $1bn, with the 'no' side leading 55.6% to 44.4% on roughly 60% of ballots counted, after. 10 hrs ago
  3. New claim Opponents of the proposal launched an extensive television advertising campaign in October 10 hrs ago
  4. New claim At a 5% rate, the tax on the billionaires' combined wealth could have amounted to around $27 billion 10 hrs ago
  5. New claim Larry Page and Peter Thiel moved to Florida, Sergey Brin and Don Hankey to Nevada, Steven Spielberg to New York, and Travis Kalanick to Texas 10 hrs ago
  6. New claim At least six billionaires announced plans to leave California before January 1, 2026 10 hrs ago
  7. New claim Teachers' and firefighters' unions and the California chapter of Planned Parenthood opposed the proposal 10 hrs ago
  8. New claim Opponents of the tax raised roughly ten times more money for their campaign than its supporters 10 hrs ago
  9. New claim California voters rejected the billionaire tax proposal known as Proposition 40 10 hrs ago
  10. Upgraded now confirmed by 2 outlets: Google co-founder Sergey Brin gave more than $100 million to a political action committee opposing the measure. 10 hrs ago
49 earlier changes
  1. Ghost edit France 24 edited "California voters reject proposed one-time tax on billionaires' wealth": Two sentences restored: Newsom's "fundamentally disagree" quote and ads in New Hampshire, New Mexico, Virginia criticizing his opposition; "criticize" changed to "criticise. 18 hrs ago
  2. Where it stands California voters failed to pass Proposition 40, a one-time 5% tax on billionaires' wealth, with the 'No' side leading 55.6% to 44.4% and raising about 10 times as much as. 18 hrs ago
  3. Upgraded now confirmed by 2 outlets: With roughly 60% of ballots counted on Wednesday, the "No" side led 55.6% to 44.4%. 18 hrs ago
  4. New claim Democrats said the tax was necessary to offset federal funding cuts in President Donald Trump's One Big Beautiful Bill. 18 hrs ago
  5. New claim Californian billionaires, including Google cofounder Sergey Brin, spent more than a quarter of a billion dollars campaigning against the measure. 18 hrs ago
  6. New claim Outgoing California Governor Gavin Newsom came out against Proposition 40. 18 hrs ago
  7. New claim Proposition 40 would have raised $100bn, mostly earmarked for healthcare programmes. 18 hrs ago
  8. New claim With about 60 percent of votes counted, the "no" vote led at 55.6 percent compared with 44.4 percent for "yes". 18 hrs ago
  9. New claim California voters rejected a proposed tax on billionaires. 18 hrs ago
  10. Upgraded now confirmed by 2 outlets: Ron Wyden says the Senate Finance Committee will redouble its efforts to ensure billionaires pay their fair share and hold tax cheats accountable. 18 hrs ago
  11. New claim Stiglitz says Proposition 40 put a tax on billionaire wealth on the ballot in the United States for the first time. 20 hrs ago
  12. New claim Gavin Newsom said he would vote against Proposition 40. 20 hrs ago
  13. New claim Google co-founder Sergey Brin was among opponents who spent hundreds of millions of dollars fighting the measure. 20 hrs ago
  14. New claim Campaigners estimated the wealth tax would raise about $100 billion. 20 hrs ago
  15. New claim CNN and CBS News both called the Proposition 40 result almost a week after polling day. 20 hrs ago
  16. New claim With roughly 60% of ballots counted on Wednesday, the "No" side led 55.6% to 44.4%. 20 hrs ago
  17. New claim Proposition 40 would have required around 200 of California's richest residents to hand over 5% of their total net worth. 20 hrs ago
  18. New claim Californians voted down a proposal for a one-off levy on the state's billionaires. 20 hrs ago
  19. New claim Ron Wyden says the Senate Finance Committee will redouble its efforts to ensure billionaires pay their fair share and hold tax cheats accountable. 21 hrs ago
  20. New claim Prop 40 targeted stocks, bonds and business assets rather than earned income. 21 hrs ago
  21. New claim Democrats won decisive majorities in both houses of Congress in the midterm elections. 21 hrs ago
  22. New claim The Building a Better California committee poured more than US$300 million into campaigns opposing Prop 40. 21 hrs ago
  23. New claim Sergey Brin and at least 11 other billionaires gave a collective US$269 million to the Building a Better California political action committee. 21 hrs ago
  24. New claim California Governor Gavin Newsom came out against Prop 40. 21 hrs ago
  25. New claim Proponents estimated Prop 40 would raise US$100 billion in revenue. 21 hrs ago
  26. New claim California voters defeated a billionaire tax measure championed by Bernie Sanders and progressives. 21 hrs ago
  27. Where it stands California voters failed to pass Proposition 40, a one-time 5% tax on individuals with net worth over $1bn as of 1 January 2026, which Governor Gavin Newsom opposed and whose. 22 hrs ago
  28. Upgraded now confirmed by 3 outlets: Proposition 40 proposed a one-time 5% tax on individuals in California with a net worth over $1bn as of 1 January 2026. 22 hrs ago
  29. New claim California is estimated to take in about $3 billion a year from its billionaires, about 1% of total revenue between 2025 and 2026. 22 hrs ago
  30. New claim Backers of Proposition 40 said they could put a similar tax back on the ballot in 2028. 22 hrs ago
  31. New claim Backers projected Proposition 40 could have raised as much as $100 billion over five years. 22 hrs ago
  32. New claim California has a little over 200 billionaires who own a cumulative total of approximately $2 trillion in wealth. 22 hrs ago
  33. New claim The coalition opposing Proposition 40 called it a reckless experiment conducted on California's economy. 22 hrs ago
  34. New claim SEIU United Healthcare Workers West said the tax was needed to replace an estimated $100 billion in federal healthcare funding California will lose over five years. 22 hrs ago
  35. New claim The committee Building a Better California raised more than $333 million, nearly a third from Brin. 22 hrs ago
  36. New claim Proposition 40 would have imposed a one-time 5% tax on Californians whose net worth exceeds $1 billion. (confirmed by 2 outlets) 22 hrs ago
  37. New claim Google co-founder Sergey Brin gave more than $100 million to a political action committee opposing the measure. 22 hrs ago
  38. New claim The 'no' side raised roughly 10 times as much as the 'yes' side. (confirmed by 2 outlets) 22 hrs ago
  39. New claim The Associated Press determined Monday that 'no' had received enough votes to win. 22 hrs ago
  40. New claim California voters rejected a one-time tax on billionaires' net worth. 22 hrs ago
  41. New claim Proposition 40 was sponsored by the healthcare union SEIU-United Healthcare Workers West. 22 hrs ago
  42. New claim Governor Gavin Newsom steadfastly opposed Proposition 40. (confirmed by 2 outlets) 22 hrs ago
  43. New claim Opposition spending on Proposition 40 surpassed $2.5m a day in the first two weeks of October. 22 hrs ago
  44. New claim Billionaires spent nearly $425m opposing Proposition 40, the most expensive opposition campaign in California state history. 22 hrs ago
  45. New claim Google co-founder Sergey Brin contributed at least $132m to fight the billionaire tax. 22 hrs ago
  46. New claim Proposition 40 proposed a one-time 5% tax on individuals in California with a net worth over $1bn as of 1 January 2026. 22 hrs ago
  47. New claim The campaign over Proposition 40 was the most expensive in California state history. 22 hrs ago
  48. New claim California voters failed to pass Proposition 40, a proposed one-time tax on billionaires' wealth. (confirmed by 2 outlets) 22 hrs ago
  49. Story opened California voters have rejected a proposed one-time tax on billionaires' wealth. 22 hrs ago

How it’s being told

One card per media bloc. Each summary is written only from that bloc’s own headlines and quotes.

Russian state media

RTState media

Russian state media, through RT, foregrounds billionaire opposition and the scale of the rejected levy, reporting that at a 5% rate the tax 'could reportedly have amounted to around $27 billion.' It centres wealthy individuals' actions, noting that 'at least six billionaires announced plans to leave California' and that Sergey Brin 'is said to have donated more than $100 million' to the campaign against the measure, while also citing unions and Planned Parenthood as opponents.

European media

EuronewsPrivateFrance 24Public broadcasterThe GuardianNon-profit

European media reports the defeat of the one-time billionaire wealth tax, centring voters and the spending of opponents, among them Google co-founder Sergey Brin, who spent 'hundreds of millions of dollars fighting the measure'. Euronews notes US media called the result, with CNN and CBS News both calling it 'almost a week after polling day'. Outlets also cite economist Stiglitz saying 'Prop 40 put a tax on billionaire wealth on the ballot in the United States for the first time'.

US media

TechCrunchPrivate

TechCrunch reports the measure's defeat and centres the backers' case, noting that proponents — 'largely labor unions' — said it would have 'inconvenienced a tiny number of state residents' and projected it could have raised as much as $100 billion over five years for public healthcare and education. It also cites the AP on the 'no' side raising 'roughly 10 times as much' and on a possible 2028 rerun, and notes Gov. Gavin Newsom opposed it.

Middle East state media

Al JazeeraState media

Al Jazeera foregrounds the measure's defeat and the spending against it, noting that Californian billionaires including Sergey Brin 'spent more than a quarter of a billion dollars campaigning against the measure'.

Asian media

South China Morning PostPrivate

South China Morning Post frames the defeat as a 'blow to the left wing of the Democratic Party', centring opponents' money and voices: Sergey Brin and at least 11 other billionaires gave a collective US$269 million to a committee that 'poured more than US$300 million' into opposing campaigns, while Governor Gavin Newsom argued the measure 'would backfire'. It also gives supporters' side, citing a committee statement vowing to 'redouble its efforts' and proponents' US$100 billion revenue estimate.

In their words

What the people at the centre of this story said, word for word, with the article each quote appeared in.

The committee will redouble ‌its ‌efforts to ensure billionaires pay their fair share and hold tax cheats accountable

Ron WydenAl JazeeraReceipt

Prop 40 put a tax on billionaire wealth on the ballot in the United States for the first time.

StiglitzEuronewsReceipt

Receipts

Every claim with the verbatim sentence it came from. Tap a claim to see its sources.

Confirmed 7

Reported by at least two independent outlets, or by the actor itself.

With roughly 60% of ballots counted on Wednesday, the "No" side led 55.6% to 44.4%. Confirmed by 2Euronews, Al Jazeera · #
Ron Wyden says the Senate Finance Committee will redouble its efforts to ensure billionaires pay their fair share and hold tax cheats accountable. Confirmed by 2South China Morning Post, Al Jazeera · #
  • ““The committee will redouble its efforts to ensure billionaires pay their fair share and hold tax cheats accountable,” he said in a November 4 statement outlining the panel’s priorities.”

    South China Morning PostPrivateAttributesCalifornia billionaire tax measure defeated in contentious vote

  • ““The committee will redouble ‌its ‌efforts to ensure billionaires pay their fair share and hold tax cheats accountable,” he said in a November 4 statement outlining the panel’s priorities.”

    Al JazeeraState mediaAttributesCalifornia voters reject billionaire tax

Google co-founder Sergey Brin gave more than $100 million to a political action committee opposing the measure. Confirmed by 2RT, France 24 · #
The 'no' side raised roughly 10 times as much as the 'yes' side. Confirmed by 2France 24, TechCrunch · #
Governor Gavin Newsom steadfastly opposed Proposition 40. Confirmed by 5The Guardian, TechCrunch, South China Morning Post, Euronews · #
Proposition 40 proposed a one-time 5% tax on individuals in California with a net worth over $1bn as of 1 January 2026. Confirmed by 4The Guardian, France 24, TechCrunch, Al Jazeera · #
California voters failed to pass Proposition 40, a proposed one-time tax on billionaires' wealth. Confirmed by 7RT, The Guardian, France 24, TechCrunch · #

One source 32

Only one outlet so far. Shown, never hidden — treat with care.

Opponents of the proposal launched an extensive television advertising campaign in October One source: RTRT · #
  • “In October, those seeking to defeat the proposal launched an extensive television advertising campaign, while supporters, constrained by limited funding, relied primarily on social media and influencers, the New York Times reported earlier this week.”

    RTState mediaReportsCalifornia rejects billionaire tax

At a 5% rate, the tax on the billionaires' combined wealth could have amounted to around $27 billion One source: RTRT · #
  • “At a 5% rate, the tax on their combined wealth could reportedly have amounted to around $27 billion.”

    RTState mediaAttributesCalifornia rejects billionaire tax

Larry Page and Peter Thiel moved to Florida, Sergey Brin and Don Hankey to Nevada, Steven Spielberg to New York, and Travis Kalanick to Texas One source: RTRT · #
  • “Larry Page and Peter Thiel moved to Florida, Sergey Brin and Don Hankey to Nevada, Steven Spielberg to New York, and Travis Kalanick to Texas.”

    RTState mediaReportsCalifornia rejects billionaire tax

At least six billionaires announced plans to leave California before January 1, 2026 One source: RTRT · #
  • “At least six billionaires announced plans to leave California before January 1, 2026, Fortune reported in March.”

    RTState mediaAttributesCalifornia rejects billionaire tax

Teachers' and firefighters' unions and the California chapter of Planned Parenthood opposed the proposal One source: RTRT · #
  • “The proposal was also opposed by teachers’ and firefighters’ unions, as well as the California chapter of Planned Parenthood.”

    RTState mediaReportsCalifornia rejects billionaire tax

Opponents of the tax raised roughly ten times more money for their campaign than its supporters One source: RTRT · #
  • “Opponents of the tax reportedly raised roughly ten times more money for their campaign than its supporters.”

    RTState mediaAttributesCalifornia rejects billionaire tax

Democrats said the tax was necessary to offset federal funding cuts in President Donald Trump's One Big Beautiful Bill. One source: Al JazeeraAl Jazeera · #
  • “Democrats said the tax was necessary to offset federal funding cuts in President Donald Trump’s One Big Beautiful Bill.”

    Al JazeeraState mediaAttributesCalifornia voters reject billionaire tax

Californian billionaires, including Google cofounder Sergey Brin, spent more than a quarter of a billion dollars campaigning against the measure. One source: Al JazeeraAl Jazeera · #
  • “Californian billionaires, including Google cofounder Sergey Brin, spent more than a quarter of a billion dollars campaigning against the measure, arguing it was a gateway to more aggressive taxation for all Californians and could target their retirement accounts.”

    Al JazeeraState mediaReportsCalifornia voters reject billionaire tax

Proposition 40 would have raised $100bn, mostly earmarked for healthcare programmes. One source: Al JazeeraAl Jazeera · #
  • “Known as Proposition 40, the tax would have raised $100bn, most of which would have been earmarked for healthcare programmes, but education and food-assistance programmes would also receive funds.”

    Al JazeeraState mediaReportsCalifornia voters reject billionaire tax

Stiglitz says Proposition 40 put a tax on billionaire wealth on the ballot in the United States for the first time. One source: EuronewsEuronews · #
Google co-founder Sergey Brin was among opponents who spent hundreds of millions of dollars fighting the measure. One source: EuronewsEuronews · #
Campaigners estimated the wealth tax would raise about $100 billion. One source: EuronewsEuronews · #
CNN and CBS News both called the Proposition 40 result almost a week after polling day. One source: EuronewsEuronews · #
Proposition 40 would have required around 200 of California's richest residents to hand over 5% of their total net worth. One source: EuronewsEuronews · #
Prop 40 targeted stocks, bonds and business assets rather than earned income. One source: South China Morning PostSouth China Morning Post · #
  • “Supporters of Prop 40, which targeted stocks, bonds and business assets rather than earned income, reasoned it stood a healthy chance of enactment in a state where voter rolls favour Democrats over Republicans by a nearly two-to-one margin.”

    South China Morning PostPrivateReportsCalifornia billionaire tax measure defeated in contentious vote

Democrats won decisive majorities in both houses of Congress in the midterm elections. One source: South China Morning PostSouth China Morning Post · #
  • “The failure of the billionaire tax marks a blow to the left wing of the Democratic Party, even as Democrats won decisive majorities in both houses of Congress in a sweeping midterm election rebuke of Trump and his policies.”

    South China Morning PostPrivateReportsCalifornia billionaire tax measure defeated in contentious vote

The Building a Better California committee poured more than US$300 million into campaigns opposing Prop 40. One source: South China Morning PostSouth China Morning Post · #
  • “Google co-founder Sergey Brin and at least 11 other billionaires contributed a collective US$269 million to a political action committee called Building a Better California, which in turn poured more than US$300 million into campaigns opposing Prop 40.”

    South China Morning PostPrivateReportsCalifornia billionaire tax measure defeated in contentious vote

Sergey Brin and at least 11 other billionaires gave a collective US$269 million to the Building a Better California political action committee. One source: South China Morning PostSouth China Morning Post · #
  • “Google co-founder Sergey Brin and at least 11 other billionaires contributed a collective US$269 million to a political action committee called Building a Better California, which in turn poured more than US$300 million into campaigns opposing Prop 40.”

    South China Morning PostPrivateReportsCalifornia billionaire tax measure defeated in contentious vote

Proponents estimated Prop 40 would raise US$100 billion in revenue. One source: South China Morning PostSouth China Morning Post · #
  • “Proponents had estimated Prop 40 would raise US$100 billion in revenue, most of which would have been earmarked for healthcare programmes to offset federal funding cuts designed to pay for tax breaks enacted last year under President Donald Trump’s “One Big Beautiful Bill”.”

    South China Morning PostPrivateAttributesCalifornia billionaire tax measure defeated in contentious vote

California is estimated to take in about $3 billion a year from its billionaires, about 1% of total revenue between 2025 and 2026. One source: TechCrunchTechCrunch · #
Backers of Proposition 40 said they could put a similar tax back on the ballot in 2028. One source: TechCrunchTechCrunch · #
Backers projected Proposition 40 could have raised as much as $100 billion over five years. One source: TechCrunchTechCrunch · #
California has a little over 200 billionaires who own a cumulative total of approximately $2 trillion in wealth. One source: TechCrunchTechCrunch · #
  • “Proponents of the proposal — largely labor unions — said it would have inconvenienced a tiny number of state residents, as California has a little over 200 billionaires who own a cumulative total of approximately $2 trillion in wealth.”

    TechCrunchPrivateAttributesCalifornia’s proposed ‘billionaire tax’ fails to pass

The coalition opposing Proposition 40 called it a reckless experiment conducted on California's economy. One source: France 24France 24 · #
SEIU United Healthcare Workers West said the tax was needed to replace an estimated $100 billion in federal healthcare funding California will lose over five years. One source: France 24France 24 · #
The committee Building a Better California raised more than $333 million, nearly a third from Brin. One source: France 24France 24 · #
The Associated Press determined Monday that 'no' had received enough votes to win. One source: France 24France 24 · #
Proposition 40 was sponsored by the healthcare union SEIU-United Healthcare Workers West. One source: The GuardianThe Guardian · #
Opposition spending on Proposition 40 surpassed $2.5m a day in the first two weeks of October. One source: The GuardianThe Guardian · #
Billionaires spent nearly $425m opposing Proposition 40, the most expensive opposition campaign in California state history. One source: The GuardianThe Guardian · #
Google co-founder Sergey Brin contributed at least $132m to fight the billionaire tax. One source: The GuardianThe Guardian · #
The campaign over Proposition 40 was the most expensive in California state history. One source: The GuardianThe Guardian · #

Ask about this story

Line, our AI correspondent, answers only from the receipts on this page. Every sentence links to the claim behind it.

Watch

News video from the outlets covering this story.

California voters reject Proposition 40, a tax on the net worth of billionaires

Associated Press ·

California voters reject measure to tax the wealth of billionaires

France 24 ·

California voters reject measure to tax the wealth of billionaires • FRANCE 24 English

France 24 ·

Ghost edits

Changes outlets made to their articles after publishing, caught by re-reading them.

  • The GuardianSubstantive edit

    HeadlineCalifornia voters fail to pass proposed one-time tax on billionaires’ wealth

    Prop 40 failed: 52.8% no, 47.2% yes; AP called race; added quotes calling it "false assumptions," "reckless experiment," "Buying an election"; "Trump's" became "Donald Trump's"; "counter-measures" became "countermeasures.

    RemovedWhile supporters of Prop 40 cast it as a solution to drastic healthcare cuts from Trump’s One Big Beautiful Bill Act, opponents led by prosperous billionaires mounted an influential campaign saying the billionaire tax was instead “an…

    AddedWhile supporters of Prop 40 cast it as a solution to drastic healthcare cuts from Donald Trump ’s One Big Beautiful Bill Act, opponents led by prosperous billionaires mounted an influential campaign saying the billionaire tax was instead…

    Read the article as it stands now

  • France 24Substantive edit

    HeadlineCalifornia voters reject proposed one-time tax on billionaires' wealth

    Two sentences restored: Newsom's "fundamentally disagree" quote and ads in New Hampshire, New Mexico, Virginia criticizing his opposition; "criticize" changed to "criticise.

    RemovedMost of the money would have been used to backfill federal funding cuts to healthcare, and 10% would have gone toward education and food-assistance programs.

    AddedMost of the money would have been used to backfill federal funding cuts to healthcare, and 10% would have gone towards education and food-assistance programs.

    Read the article as it stands now

All sources

7 reports from 7 outlets — with who owns each outlet and who pays for it.

RT State media

RussiaOwner: ANO TV-NovostiPaid by: Russian federal budget

Al Jazeera State media

QatarOwner: Al Jazeera Media NetworkPaid by: funded by the State of Qatar

Euronews Private

FranceOwner: Alpac Capital (majority shareholder since 2022)Paid by: advertising + distribution; has held EU institutional service contracts

France 24 Public broadcaster

FranceOwner: France Médias Monde (wholly owned by the French state)Paid by: French public funds (state allocation for public broadcasting)

South China Morning Post Private

Hong KongOwner: Alibaba Group (since 2016)Paid by: advertising + subscriptions

TechCrunch Private

United StatesOwner: Regent, L.P. (acquired from Yahoo in 2025)Paid by: advertising + events

The Guardian Non-profit

United KingdomOwner: Guardian Media Group, owned by the Scott Trust LimitedPaid by: reader contributions + subscriptions + advertising; Scott Trust endowment

Not covered yet by

Associated PressBBCCGTNCNADWFinancial TimesForeign PolicyFox NewsNPRReutersSky NewsSputnikTASSTRT WorldThe New York TimesThe Times of IndiaWION

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From the Faultline desk

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Read the AI explainer

7 confirmed · 32 one-source7 outletsUpdated