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Jewish News 24 · Nov 10, 2026

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California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. The measure’s failure is a win for Democratic leaders who opposed it, including Gov. Gavin Newsom, who may run for president in 2028. Critics of the tax, known as Proposition 40, said it would have prompted ultrawealthy taxpayers to leave the state.

California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. The measure’s failure is a win for Democratic leaders who opposed it, including Gov. Gavin Newsom, who may run for president in 2028. Critics of the tax, known as Proposition 40, said it would have prompted ultrawealthy taxpayers to leave the state.

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