Californians reject wealth tax for billionaires

November 10, 2026

California voters have rejected a ballot measure that would have imposed a one-time 5% wealth tax on residents worth over $1. 1 billion. The proposition aimed to generate approximately $100 billion to compensate for federal healthcare funding reductions resulting from President Trump's tax and spending legislation.

Who is affected

California's approximately 200 billionaires (including Mark Zuckerberg, Kim Kardashian, Oprah Winfrey, and Sergey Brin)
California residents who rely on state healthcare services
Service Employees International Union-United Healthcare Workers West and its members
California's 23 million registered voters
Governor Gavin Newsom's administration

What action is being taken

Votes are being counted following the midterm election (the counting took nearly a week)
Dave Regan and the Service Employees International Union-United Healthcare Workers West are pledging to pursue another billionaire tax measure in 2028

Why it matters

This measure's rejection is significant because it would have been the world's first wealth tax specifically targeting billionaires. California has the largest economy in the United States and the fourth largest globally, yet also suffers from one of the highest wealth gaps. The $100 billion the tax would have generated was intended to address critical healthcare funding shortfalls caused by federal cuts, making its failure consequential for healthcare access in the state.

What's next

Dave Regan, president of Service Employees International Union-United Healthcare Workers West, has pledged to seek a billionaire tax once more in 2028.

Read full article from source: BBC