California voters fail to pass proposed one-time tax on billionaires’ wealth
Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars California billionaires won a contentious ballot measure campaign, defeating a proposed one-time tax on their wealth.
Key points
- Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
- The bruising campaign over Proposition 40 was the most expensive in state history and witness to back-and-forth dealing from tech billionaires and democratic leaders, including Gavin Newsom, the governor, who steadfastly opposed the measure.
While 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 everyone tax”.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
Advertisement
Every article behind this summary — 2 articles from 2 outlets
Get stories like this in your inbox.
Subscribe — it's freeOne free email at 6am — your topics, deduplicated, five minutes. No account, no paywall.