Taxing billionaires failed in California, but other states are taking steps to collect from the rich
State efforts to tax the rich did relatively well in the 2026 midterm elections , following a series of state legislative moves in that direction in recent years. That might come as a surprise because a majority of voters rejected California’s Proposition 40 . The much-publicized ballot initiative would have imposed a one-time 5% tax on the net worth of the state’s roughly 200 billionaires.…
Following the 2026 midterm elections, state efforts to tax high-net-worth individuals yielded mixed results. While California's Proposition 40, which proposed a one-time 5% tax on the net worth of billionaires, failed, other states made strides in implementing tax measures targeting the wealthy. Despite the loss, the initiative highlighted support for higher income taxes on the affluent.
In contrast, successful ballot initiatives, such as Washington state's preservation of its income tax on incomes exceeding $1 million, Colorado's rejection of a cap on its income tax rate, and Missouri's rejection of a measure to eliminate its income tax, underscore the ongoing debate over taxing the rich. Meanwhile, legislative actions in various states, including Maine, Hawaii, and Rhode Island, introduced or expanded income taxes on high earners and second homes, while New York City implemented its "pièce à terre tax."
Despite some setbacks, the overall trend suggests a growing inclination among Americans to support measures aimed at redistributing wealth.
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