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Posted on 11/14/2026 12:12:57 PM PST by E. Pluribus Unum
Passage of billionaire-funded ballot measure follows failure of high-profile billionaire tax
California voters had a chance to impose the nation’s first-ever tax on billionaires’ assets. Instead, they voted to ban wealth taxes altogether.
A ballot initiative to prohibit new state taxes on personal property is set to pass, the Associated Press said late Friday. Known as Proposition 42, the measure was leading by a 2.6-point margin with an estimated 96% of votes counted following the Nov. 3 election, AP said.
The outcome represents a coup de grâce for the one-time, 5% tax on California billionaires’ net assets that also appeared on the November ballot. Proposed by a healthcare-workers’ union to offset looming Medicaid cuts, the billionaire tax, known as Proposition 40, fell short of the majority needed to pass, the AP said on Nov. 9.
Proposition 42 was one of several ballot measures funded by billionaires including Google co-founder Sergey Brin, venture capitalist John Doerr and Stripe co-founder Patrick Collison as part of a nearly $400 million effort to defeat the proposed wealth tax. It was one of two that garnered enough voter signatures to be placed on the ballot, but voters turned down the other measure.
These rival ballot initiatives contained language that would have conflicted with the billionaire tax. The countermeasures also forced the healthcare union to spend most of its available funds earlier this year gathering signatures. That left tax proponents with scant resources to rebut the billionaires’ barrage of attack ads, text messages and mailers claiming that the levy was a step toward taxing ordinary Californians’ retirement accounts.
Proposition 42...
(Excerpt) Read more at wsj.com ...
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Will this be ignored much like Proposition 8 or Proposition 187?
No because CA’s billionaires are all Left leaning.
The SEIU in California with scant resources-a fabrication if not an out right lie.
Didn’t Gavin N oppose the wealth tax because it would muddy the waters for a National wealth tax?
The proposed 5% wealth tax on billionaires reportedly only raises $400B from the $8T. Our deficit is $1.5T/yr. The interest payments are $1.1T FY2026
Does someone need a calculator? The Turnip has no blood left.
The left doesn’t quit. They will try again and again until they get the votes, then it will never be reconsidered.
How long before they pass an exit tax?
SEIU UNION STARTED AS A JANITOR’S UNION.
SEIU UNION STARTED AS A JANITOR’S UNION.
Curious. CA voters are smarter than their state government - but they continue to vote for those same idiots in their state government.
Great! Now all the rich demicrats can move back.
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