California Voters Reject Proposed One-Time Wealth Tax on Billionaires

A California ballot measure that would have imposed a 5% one-time tax on billionaires has been defeated after a majority of voters cast ballots against the initiative.

The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. A proposition imposing a new tax on billionaires in California has been defeated despite being endorsed by notable far-left politicians. Proposition 40 called for imposing a one-time tax that would apply only to billionaires, confiscating 5% of their net worth with some assets exempted from the calculation.

California voters rejected a proposal backed by socialist Senator Bernie Sanders that would have imposed a wealth tax on billionaires’ net worth, dealing a rare blow to the Left in the Golden State. The Associated Press called the race Monday night.

PBS NewsHour reported the story as "California voters reject tax on net worth of billionaires." RedState reported the story as "California Voters Side With Sanity, Reject 'One-Time' Billionaires Tax."

4 sources have covered this story, including RedState, PBS NewsHour, Conservative Review and The Daily Wire. The earliest reporting in the cluster landed about 2 hours ago.

Source accounts have not fully aligned on every figure tied to this story (different reports cite 40, 53 %); the published One News summary holds those specifics open until more sources converge.