California’s proposed ‘billionaire tax’ fails to pass

Nov 10, 2026, 5:18 AM UTC · TechCrunch

California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy…

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