Prop 40 Billionaire Tax Trails in Partial Count, With No Leading

With 60% of estimated ballots counted on November 4, 2026, the "No" side was leading Proposition 40, California's proposed one-time 5% tax on billionaires' net worth (assets minus debts), according to Reuters. The count is partial, so the outcome is not final. A No vote means the state would not collect the levy, which would hit an estimated 250 billionaires.