# California's Wealth Tax Failed, But States Tax Rich

> States boost revenue from wealthy after California's wealth tax failed.
- Title: California's Wealth Tax Failed, But States Tax Rich | Shortify
- Summary: States boost revenue from wealthy after California's wealth tax failed. California's wealth tax failed but states raised income and property taxes on the…
- Keywords: california, wealth tax, income tax, property tax, billionaires, 2026 midterm elections, colorado, illinois, washington state, new york city, rhode island, montana
- Source: The Conversation — https://theconversation.com/while-californias-wealth-tax-failed-states-are-taking-other-steps-to-collect-more-revenue-from-the-rich-296103
- Author: Allison Anna Tait
- Read time: 2 min
- Topics: california, wealth tax, income tax, property tax, billionaires, 2026 midterm elections, colorado, illinois, washington state, new york city, rhode island, montana
## 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.
## Key takeaway

California's wealth tax failed but states raised income and property taxes on the rich during 2026 elections.