Decision Desk HQ projects California voters will reject Proposition 40, a
U.S.-first measure that would have levied a one-off 5% wealth tax on
billionaires resident in California in early 2026, with most proceeds earmarked
to shore up healthcare funding. AP tally with about 71% of votes counted shows
46% support and 54% oppose. Its likely defeat would be a significant setback to
nationwide efforts to tax extreme wealth. Opposition to the measure included
tech billionaires, Democratic Governor Gavin Newsom and the Planned Parenthood
Federation of California.