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Startups / General

California’s proposed ‘billionaire tax’ fails to pass

Source: techcrunch November 9, 2026 · 21:18
California’s proposed ‘billionaire tax’ fails to pass
Photo by Mark Youso · Pexels
From the publisher
California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
About the source

TechCrunch

TechCrunch is an American global online newspaper focusing on topics regarding high-tech and startup companies. It was founded in June 2005 by Archimedes Ventures, led by partners Michael Arrington and Keith Teare. In 2010, AOL acquired the company for approximately $25 million. Following the 2015 acquisition of AOL and Yahoo! by Verizon, the site was owned by Verizon Media from 2015 through 2021.

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