Los Angeles (United States) (AFP) - California voters rejected a bill to impose a tax on billionaires, US media projected on Monday, despite growing discontent over global economic inequality.

First modification: 10/11/2026 - 13:07

The tax, payable only once, would have forced some 200 ultra-wealthy people in the country's most populous state to contribute 5% of their net worth to help finance the public health system.

Both CNN and CBS News projected that so-called "Proposition 40" would not pass, almost a week after citizens cast their vote on whether or not to tax billionaires.

The initiative was one of several proposals presented to voters in last week's midterm elections, which led to large-scale victories for the Democratic Party and dealt a tough defeat to President Donald Trump's Republicans.

"Proposition 40" was announced with great fanfare in California, a state that would be the fourth largest economy in the world if it were a country, but where there is a huge chasm between the haves and the have-nots.

Proponents of the wealth tax considered it a key piece of a global effort to combat growing income inequality.

However, the rate already appeared to be heading towards defeat last week, as, with around 60% of the votes counted on Wednesday, the "No" party was leading with 55.6%.

© 2026 AFP

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