Early Count Has California's Billionaire Tax Losing

With 60% of estimated ballots counted on November 4, 2026, the No side was ahead on Proposition 40, California's proposed one-time 5% tax on billionaires' net worth (what they own minus debts), per Reuters. The count is incomplete, so the result isn't final. A No vote means the state would not collect the tax, hitting an estimated 250 billionaires.