Capitalism Institute·1 hour ago·Wednesday, November 11, 2026, 8:49 AM

California voters defeat Proposition 40 billionaire tax push

California voters rejected a first-in-the-nation billionaire asset tax, dealing progressives a sharp setback after Democratic leaders and heavy tech money lined up against the measure. NBC News projected Monday that California voters had turned down Proposition 40, the proposed one-time tax on the state’s richest residents. The measure would have imposed a 5% levy on

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