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The Fiscal Times
Source: The Fiscal Times
1 DayThe Fiscal Times
Source: The Fiscal Times
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California’s Proposition 40, which would have imposed a one-time 5% tax on billionaires who lived in the state at the start of 2026, appeared headed for defeat, with 45% approval after 60% of ballots were counted. Democrats in Congress continue to promote higher taxes on wealthy people, including a proposed annual 5% tax on billionaires and proposals to raise taxes on high incomes and capital gains. Their plans face obstacles from Republican control of the White House and Senate rules, as well as resistance from some moderate Democrats.
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