California Billionaire Tax Defeated

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.

Posted by sitzkrieg at 06:33 PM | 3 COMMENTS | permalink | Comment on This Entry |

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The bad news is Californian voters rejected the billionaire tax. Billionaires spent more than $300m to lobby against it. The fourth highest opposition funder was Irish multi-billionaire Patrick Collison who donated $33m to the cause. The tax was to fund food assistance, healthcare, education.

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-- Una Mullally (@unamullally.bsky.social) 10:46 AM Â· Nov 4, 2026

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We dumped the Trump voter repression bill, too.

#1 | Posted by LegallyYourDead at 2026-11-05 11:13 AM | Reply

The fourth highest opposition funder was Irish multi-billionaire Patrick Collison who donated $33m to the cause.

Which was probably less than he would have paid in a one time tax that would help California. Showing how much they appreciated the people of the state they made all their wealth in.

#2 | Posted by donnerboy at 2026-11-06 04:02 PM | Reply

Not sure I get how the 300m influenced the vote....

however, the stupid is real.

"During the 1950s and 1960s, Floyd Patterson faced a top marginal federal income tax rate of up to 90 percent on his heavyweight championship winnings and purses.
Because of these steep tax rates, top fighters like Patterson strategically spaced out their championship bouts across different calendar years"such as his three-fight series with Ingemar Johansson from 1959 to 1961"to avoid pushing all their massive earnings into a single, cripplingly high tax bracket."

#3 | Posted by South_American at 2026-11-07 12:25 AM | Reply