[RealClearPoliitics] California’s Billionaires Exhale as Prop 40 Goes Down
With 60% of the vote counted, the measure trailed 44.4% to 55.6%. It needed only a simple majority to pass.
Proposition 40 would have imposed the one-time 5% tax on individuals and trusts holding more than $1 billion in assets, payable over five years.
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In June [2026], the day after Prop 40 qualified for the ballot, Newsom proposed a national "billionaires’ tax" instead: a federal minimum tax on Americans worth more than $100 million, new rules on inheritance, and a national public equity fund that would give Americans a stake in AI-driven wealth.
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but Calif elected an empty suit Dem as Gov in the same election
as of this posting, the younger socialist has a lead over the older socialist for mayor of LA
FOR LOS ANGELES MAYOR:
Nithya Raman 51.7% 405,193
Karen Ruth Bass * 48.3 379,069
66.6% of expected vote in
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