California's Wealth Tax Failed, But States Tax Rich

California's wealth tax failed

California voters rejected Proposition 40, a one-time 5% tax on the net worth of 200 billionaires.

“Today oligarchy has won”

Billionaires spent $400 million to block tax

Google co-founder Sergey Brin and other billionaires spent nearly $400 million to persuade voters to reject Proposition 40.

Taxing income succeeded in 2026

Three states passed income tax measures that raised rates for high earners during the 2026 midterm elections.

Washington state keeps millionaire tax

Washington state voters preserved a 9.9% income tax on household income above $1 million.

Colorado approves new income tax

Colorado voters approved Amendment 87, a graduated income tax raising rates on households and businesses with incomes over $500,000.

California keeps income tax rates

California voters made permanent the 2012 income tax rates for high earners, which were set to expire in 2031.

Missouri voters reject tax cut

Missouri voters rejected a measure that would have eliminated the state's income tax, losing $8.5 billion in annual revenue.

North Carolina and Iowa block tax changes

North Carolina and Iowa approved constitutional amendments to make it harder for legislatures to enact taxes on the rich.

Maine adds 1% tax on millionaires

Maine legislators voted in April 2026 for a 1% tax surcharge on income over $1 million.

Rhode Island phases in 3% tax

Rhode Island enacted a surcharge for millionaires' income to be phased in over three years, reaching a maximum 3% rate.

New York City's pied-à-terre tax

New York City rolled out a tax surcharge of 0.8% to 1.3% on single-family homes valued at $5 million or more.

Boulder passes vacancy tax

Boulder, Colorado voters approved a residential vacancy tax on homes empty more than half the year, effective in 2028.