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Thursday, November 05, 2026
California's proposed billionaire tax appeared headed for defeat on Wednesday in one of the final verdicts from voters in an election week that saw a wave of anti-billionaire sentiment elsewhere. The latest results on Wednesday afternoon showed California's Proposition 40 down by over 11 percentage points, with 60% of votes counted but the race not yet formally called. |
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More Alternate links: Google News | Twitter Outgoing California Gov. Gavin Newsom emerged as an opponent, arguing that billionaires would both dodge the tax and leave the state. He cited a report from the California Legislative Analyst's Office that estimated the measure might temporarily boost state revenues but could be an overall drag on regular income taxes and "would reduce state revenues by less than $1 billion per year." Comments
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