California voters rejected Proposition 40, the proposed one-time 5% tax on billionaire wealth, in the November 2026 election - and exit data from the AP Voter Poll showed the california billionaire wealth tax split the electorate sharply by age and income.

Who voted no - and who voted yes

The AP Voter Poll captured the demographic contours of the result:

• •A majority of California voters younger than 30 said they voted yes on Proposition 40
• •Roughly 7 in 10 voters who were 65 and older said they voted no
• •About half of voters with household income under $100,000 supported the measure
• •Close to 6 in 10 California voters earning $100,000 or more said they were opposed

A no vote from an ordinary paycheck

The income split had a face in Robert Swonger, an auto glass technician near Sacramento who said before voting concluded on Nov. 3 that he planned to vote against the measure. Of the billionaires the tax targeted, he said:

His reasoning echoed one of the opposition coalition's core arguments - that a wealth tax would push ultrawealthy taxpayers out of California, whose budget relies heavily on the income tax of its richest residents.

What the measure would have done

Proposition 40 would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. SEIU United Healthcare Workers West backed the tax, saying it was needed to replace an estimated $100 billion the state will lose in federal healthcare funding over five years.

Under the proposal, most of the revenue would have backfilled those federal healthcare funding cuts, with 10% going toward education and food-assistance programs.

The parties on either side of the divide

On the yes side, SEIU United Healthcare Workers West backed the measure, and Vermont Sen. Bernie Sanders rallied in cities across California in the race's closing weeks to support it.

The no side assembled a broader and better-funded roster:

• •Gov. Gavin Newsom was among the Democratic leaders who opposed the tax
• •Google co-founder Sergey Brin put more than $100 million into a political action committee working to defeat the measure
• •The PAC Building a Better California raised more than $333 million against the tax, nearly a third of it from Brin
• •Planned Parenthood and the California Medical Association joined the opposition, citing concerns over how the revenue would be divvied up

Newsom's position left room for common ground with Sanders on the broader question. He told reporters that Sanders' focus on wealth inequality was "spot-on," but said that on this issue they fundamentally disagree. He supports a national minimum tax on anyone with a net worth above $100 million, arguing instead that a state-level wealth tax would disadvantage California.

Where the result stands

The Associated Press determined on Monday that 'no' had received enough votes to win. The final count continued after that call under California's mail-voting rules: most Californians vote by mail, and ballots postmarked by Election Day count within a week.

The "Yes on 40" campaign did not immediately respond to a message seeking comment.