California Billionaire Tax Trails in Early Prop 40 Results Amid Opposition Surge
California's Prop 40 billionaire tax trails 15 points in early election returns as competing ballot measures threaten to nullify the proposed wealth tax.
POLICY WIRE — San Francisco, California — A landmark attempt to implement a pioneering wealth tax on the state’s wealthiest residents is struggling in early vote counts from the 2026 general election.
With approximately half of the statewide votes processed, Proposition 40 currently trails by nearly 15 percentage points across California.
The measure faced a highly contentious and expensive campaign period, characterized by significant financial investment from wealthy individuals seeking to defeat the tax.
In San Francisco, the local electorate appears much more divided, with voters split nearly evenly on the merits of the proposal.
The future of Proposition 40 is further complicated by two rival ballot initiatives, Propositions 41 and 42.
Organizers behind these competing measures specifically designed them to conflict with the billionaire tax; if either Prop 41 or 42 secures more support than Prop 40, the wealth tax would be effectively nullified.
As election results continue to roll in, the ultimate fate of the first-in-the-nation wealth tax remains uncertain.
Reporting by Policy-Wire (PW)
