What’s the status of California’s proposal to tax billionaires?

It’s still too early to tell if Proposition 40 passed or not.

Supporters listen to Sen. Bernie Sanders, I-Vt., during a campaign rally in support of California Proposition 40, known as the billionaire tax, in Los Angeles, Monday, Oct. 5, 2026. [Photo: Jae C. Hong/AP Photo]

A California measure to tax the net worth of billionaires that divided liberal leaders nationally and triggered one of the most expensive ballot fights in state history was too early to call Wednesday morning as the vote tally continued.Proposition 40 would impose a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion, with most of the revenue dedicated to replacing federal funding cuts to healthcare. The measure left the ultra-rich, some of whom spent heavily to defeat it, scrambling to figure out whether they would pay the tax or leave California.Vermont Sen. Bernie Sanders framed the proposal as a monumental step toward reining in deep wealth inequality by ensuring the ultra-rich pay their fair share. But Democratic Gov. Gavin Newsom warned it would prompt the state’s wealthiest to move out of California and take their tax money with them.With almost 6 million votes yet to be counted, the AP........

© Fast Company