Voters Reject Wealth Tax in Proposition 40
Early partial counts show California voters opposing a one-time wealth tax on fortunes above $1 billion.
Updated on Nov. 4, 2026 in Elections
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Proposition 40, which would impose a one-time wealth tax on fortunes over $1 billion, is failing with 44.4% Yes and 55.6% No at 60% of votes counted. Partial statewide results also show Calif. 39, a voter ID measure, failing with 41.4% Yes and 58.6% No at 59% of votes counted.
Why it matters
Early returns indicate California voters are turning back major tax and election-rule changes on the statewide ballot. The outcome of Proposition 40 and the other measures will shape how the state raises revenue and administers voting.
Proposition 40 is failing with 44.4% Yes and 55.6% No at 60% of votes counted, while Proposition 44 on health clinic revenue is failing with 18.1% Yes and 81.9% No at 58% counted. Results remain partial and California's certification is expected in 30 days.
The players
California Globe
A Sacramento-based news outlet that reports on California politics and government.
The details
Statewide propositions on taxes, voter ID, campaign finance, and housing were on the ballot. Proposition 1 on veteran and housing bonds leads with 59.4% Yes, and Proposition 37 on a middle-income homebuyer loan program leads with 61.0% Yes at 58% of votes counted.
Timeline
November 4, 2026: Partial statewide proposition results are published.
Within 30 days: California's election results are expected to be certified.
Political Context
Proposition 40 would impose a one-time wealth tax on fortunes over $1 billion, and its early rejection contrasts with Proposition 42, which would bar new state taxes on personal property and leads with 54.3% Yes. Together the results show voters weighing revenue measures against limits on taxation.
If Proposition 40 fails, the proposed one-time wealth tax on fortunes over $1 billion will not take effect for California residents. If Calif. 39 fails, voters will not be required to show identification under the proposed rule at the polls.
The takeaway
Early returns suggest voters are cautious about new taxes and election-rule changes, but final certified results could shift these margins. Readers should watch the official certification in the coming weeks before drawing firm conclusions.
What happens next
California's election results are expected to be certified 30 days after November 4, 2026, when final outcomes for these propositions will be confirmed.
Further reading
Track the latest vote counts in the Elections section for California ballot measure coverage.
Source note: This article includes information reported by California Globe.
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