California billionaire tax fails, Democrats eye federal wealth taxes

California billionaire tax heading for defeat

With 56% voting no and 44% voting yes, Proposition 40 is likely to fail. The measure would have imposed a one-time 5% levy on net worth of Californians worth over one billion dollars.

Poison pill measures gain strong support

Proposition 41 and Proposition 42, designed to limit revenue use and prevent state taxation of personal assets, are both showing majority yes votes. Either could defeat the billionaire tax.

Union concedes defeat, plans 2028 return

Service Employees International Union-United Healthcare Workers West, which sponsored the billionaire tax, said Tuesday night they will try again in 2028 unless the legislature acts to make billionaires pay their fair share.

“make billionaires pay their fair share”

Income taxes on wealthy succeed elsewhere

Washington State voters supported a new millionaire tax imposing 9.9% on household income over one million dollars a year.Colorado's vote to replace a 4.4% flat tax with an 8.

Democrats control Congress, plan tax hikes

With Democrats set to control both the House and Senate, tax experts expect new proposals to raise taxes on high earners while cutting taxes for lower and middle-income taxpayers.

Van Hollen proposes graduated surtax plan

Senator Chris Van Hollen's plan includes a graduated surtax on those earning over one million dollars, starting at 5% for one to two million and rising to 12% for over five million annually.

Van Hollen plan includes middle-class relief

The plan offsets tax hikes with a new exemption of forty-six thousand dollars for single filers and ninety-two thousand dollars for joint filers.Van Hollen also proposes raising the capital gains top rate from 23.

Booker offers similar but different approach

Senator Cory Booker's plan would increase the top rate to 43% and more than double the standard deduction to thirty-seven thousand five hundred dollars for single filers and seventy-five thousand dollars for joint filers.

Khanna and Sanders propose annual wealth tax

Congressman Ro Khanna and Senator Bernie Sanders introduced the Make Billionaires Pay Their Fair Share Act, imposing a 5% annual tax on total net worth of those worth over one billion dollars, unlike California's one-time…

Trump veto likely but messaging matters

President Trump would likely veto any Democratic tax plan targeting Trump-era tax cuts. Tax experts say proposals introduced in the next two years will shape policy direction and highlight Democratic priorities for the 2028 election.

Deficit concerns complicate tax-cut pairing

Tax experts say pairing tax hikes on the wealthy with cuts for lower and middle-income taxpayers could prove challenging given deficit concerns and Democratic spending priorities, including reversing Trump-era tax cuts.

“A key question is the debate about how much to prioritize further cuts at all, given the revenue needs for the deficit situation and the Democrats' spending priorities”