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Cranberry Journal

Tuesday, November 10, 2026

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At the close · Nov 10

Proposition 40

Tagged stories

A two-lane road curving downhill between large oak trees and flowering pink and white oleander shrubs, with dry grass on the right verge, road signs and distant hills under a clear blue sky.
Money

Californians Voted 60 Per Cent to Keep Taxing Top Earners and 53 Per Cent Against Taxing Billionaires' Wealth

California voters rejected Proposition 40, a one-time 5 per cent tax on billionaires' net worth, the Associated Press projected on Monday evening. With about 83 per cent of the expected vote counted, it trailed by 621,399 votes. On the same ballot, Proposition 3, which makes the state's higher income tax rates on top earners permanent, passed with 60.5 per cent.

By Daniel Okafor  

A red, white and navy San Joaquin County official ballot drop box chained outside a building, with bilingual English and Spanish signage and a QR code.
Money

Opponents Have Spent $304 Million to Defeat California's One-Time Billionaire Tax. That Is About 0.3 Per Cent of What Its Backers Say It Would Raise.

A political committee funded mainly by technology billionaires has spent more than $304 million against Proposition 40, California's proposed one-time 5 per cent tax on residents worth over $1 billion, according to a Capital & Main analysis of state records through 20 October. The union sponsoring the measure has put in nearly $32 million. Californians vote on 3 November.

By Daniel Okafor