Posts from November 2026.
California’s billionaire tax made it to the ballot, but according to preliminary election returns, that is where it stops. While the votes are still being tallied (about 60% of the vote counted as of this posting), it appears clear that California voters have rejected the 2026 Billionaire Tax Act, ending this proposal’s path to a one-time tax of up to 5% on covered billionaire wealth. They also approved Proposition 42 – proposed essentially as a countermeasure to Prop 40 – adding constitutional limits on new taxes on personal-property ownership and on retroactive taxation.