California Billionaire Tax Trails as Prop. 42 Leads

California voters’ early returns showed Proposition 40, a proposed one-time tax on billionaires, trailing, while Proposition 42, which would restrict certain future taxes, was ahead. The results were preliminary on Wednesday, November 4, and neither measure had been certified, leaving the final outcome unsettled. Opposition to Proposition 40 ranged from 55.5% with about 60% of the estimated vote counted to 56.5% with 68.5% of precincts partially reporting. Proposition 42 had about 54% to 54.6% support in early counts. Those figures reflect different stages of the count, not final statewide results. Proposition 40 would impose a one-time tax of up to 5% on covered assets of qualifying billionaires who were California residents on January 1, 2026. The measure’s supporters said the proceeds would help address healthcare funding shortfalls after federal cuts. SEIU-UHW estimated the tax could raise $100 billion over five years; the California Legislative Analyst’s Office estimated revenue in the tens of billions over several years. The proposal was organized by the Service Employees International Union-United Healthcare Workers West and drew opposition from wealthy technology...