Late yesterday the Associated Press finally called an end to Prop. 40 aka the California Wealth Tax. Despite oodles of free media coverage and the best possible environment for progressives, the wealth tax failed.

California voters rejected a billionaire tax, The Associated Press determined on Monday, rebuking a measure that would have created the nation’s first wealth tax by targeting the assets of residents with a net worth beyond $1 billion...

The Democratic voters who dominate the California electorate generally support the concept of making wealthy people pay higher taxes. But Democratic leaders were divided over the proposal — Gov. Gavin Newsom opposed it while the California Democratic Party endorsed the tax. And some of the California billionaires who stood to pay the tax contributed heavily toward a campaign that slammed the proposal with attack ads on TV throughout October...

The failure of the billionaire tax in California, a liberal state, is likely to be used as evidence for years to come that Americans will not stomach similar wealth taxes. The concept is expected to come up during the 2028 presidential campaign, and Mr. Newsom has already said he would be interested in a national wealth tax but not one only in his own state.

https://hotair.com/john-s-2/2026/11/10/its-finally-official-the-california-wealth-tax-failed-n3820866