Make California Post a Preferred Source California voters just torpedoed a controversial, would-be historic wealth tax on billionaires.
Proposition 40 –– a measure that would have imposed a first-in-the-nation one time 5% tax on billionaires –– was rejected by Californians by 52.8% to 47.2% according to the Associated Press on Monday.
Keith Anthony Sakura joins supporters at the Billionaire Tax Now rally in Los Angeles on Wednesday, Feb. 18, 2026. Los Angeles Times via Getty Images Voters prepare their ballots during the midterm election at California State University, Los Angeles, Tuesday, Nov. 3, 2026. ZUMAPRESS.com While the proposal was rejected in most counties across the Golden State, traditionally blue counties like Los Angeles and San Francisco saw many residents coming out in support of the bill.
San Francisco County and Los Angeles County saw 56.2% and 55% of its voters, respectively, in favor of Prop 40.
