# California voters reject billionaire tax

> Proposition 40 would have charged the state's billionaires a one-time 5% wealth tax, but voters defeated it despite support from national Democrats.
- Title: California voters reject billionaire tax · NPR | Shortify
- Summary: Proposition 40 would have charged the state's billionaires a one-time 5% wealth tax, but voters defeated it despite support from national Democrats.
- Keywords: california, proposition 40, billionaire tax, wealth tax, healthcare, gavin newsom, sergey brin, seiu-uhw, ro khanna, bernie sanders, xavier becerra, NPR
- Source: NPR — https://npr.org/2026/11/09/g-s1-151625/california-billionaire-tax-referendum
- Published: 2026-11-09T00:00:00+00:00
- Read time: 1 min
- Topics: california, proposition 40, billionaire tax, wealth tax, healthcare, gavin newsom, sergey brin, seiu-uhw, ro khanna, bernie sanders, xavier becerra, news
## Voters reject billionaire wealth tax
California voters defeated Proposition 40, a one-time five percent tax on billionaire wealth. The state has more than two hundred billionaires, according to estimates.
## Supporters said it would fund healthcare
Proponents led by the SEIU-UHW said the tax could raise one hundred billion dollars for healthcare. They argued the Republican-controlled Congress cut healthcare programs to give tax breaks to the wealthy.
## Opponents warned of economic harm
Opponents argued Proposition 40 would drive wealthy people out of California, costing the state revenue and harming its economy. At least five times as much was spent opposing the measure as favoring it.
## Measure divided California Democrats
California's Democratic Party, Rep.Ro Khanna and Sen.Bernie Sanders supported the tax.But Gov.Gavin Newsom and Democratic gubernatorial candidate Xavier Becerra opposed it.Google co-founder Sergey Brin led wealthy Californians in campaign spending against it.
## Key takeaway

California voters rejected Proposition 40, a one-time 5% tax on billionaire wealth that proponents said could raise $100 billion for healthcare.