{
  "id": 19292501,
  "title": "US media project defeat for California billionaire tax",
  "url": "https://urgent.news/2026/11/10/us-media-project-defeat-for-california-billionaire-tax",
  "topic": "world",
  "section": "World",
  "published": "2026-11-10T05:34:49.000Z",
  "source": {
    "name": "Free Malaysia Today",
    "slug": "free-malaysia-today",
    "url": "https://www.freemalaysiatoday.com/category/world/2026/11/10/us-media-project-defeat-for-california-billionaire-tax"
  },
  "original_language": "en",
  "account": "California voters have decisively rejected a proposed one-time tax on billionaires, with US media projecting on Monday that the measure, Proposition 40, would not pass. Despite mounting frustration over wealth inequality, over 200 billionaires in the state would have been required to contribute 5% of their net worth to the cause, primarily aimed at healthcare funding. CNN and CBS News both indicated that Proposition 40 would not prevail, nearly a week after the ballots were cast. As the state with the largest population in the United States, California typically takes a while to finalize vote counts. Proposition 40 was one of several proposals presented to voters during the recent midterm elections, which saw significant Democratic gains nationwide and a significant loss for President Donald Trump's Republican Party. The initiative was initially met with enthusiasm in California, which would be the world's fourth-largest economy if it were a country, but it faced a significant divide between the wealthy and the rest of the population. Wealth tax advocates had seen it as a crucial component of a global initiative to address rising income inequality. However, by Wednesday, it was evident that the tax was on the verge of defeat, with around 60% of votes counted showing that \"No\" was leading with 55.6% to 44.4% against.",
  "summary": "The so-called Proposition 40 would have imposed a 5% tax on the net worth of around 200 billionaires, with proceeds largely funding healthcare.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 8,
    "also_reported_by": [
      {
        "outlet": "The New York Times",
        "title": "California Voters Reject Prop. 40 Billionaire Tax Measure",
        "url": "https://urgent.news/2026/11/10/california-voters-reject-prop-40-billionaire-tax-measure",
        "published": "2026-11-10T02:37:46.000Z"
      },
      {
        "outlet": "NPR",
        "title": "California voters defeat billionaire tax proposal that divided Democrats",
        "url": "https://urgent.news/2026/11/10/california-voters-defeat-billionaire-tax-proposal-that-divided",
        "published": "2026-11-10T03:05:39.000Z"
      },
      {
        "outlet": "Japan Today",
        "title": "California voters reject measure to tax wealth of billionaires",
        "url": "https://urgent.news/2026/11/10/california-voters-reject-measure-to-tax-wealth-of-billionaires",
        "published": "2026-11-10T03:11:39.000Z"
      },
      {
        "outlet": "CBS News",
        "title": "California voters reject billionaire wealth tax, CBS News projects",
        "url": "https://urgent.news/2026/11/10/california-voters-reject-billionaire-wealth-tax-cbs-news-projects",
        "published": "2026-11-10T03:23:16.000Z"
      },
      {
        "outlet": "CBC News",
        "title": "California voters reject proposed billionaire tax",
        "url": "https://urgent.news/2026/11/10/california-voters-reject-proposed-billionaire-tax",
        "published": "2026-11-10T03:42:53.000Z"
      },
      {
        "outlet": "Le Monde English",
        "title": "California voters reject billionaire tax designed by French-American economists",
        "url": "https://urgent.news/2026/11/10/california-voters-reject-billionaire-tax-designed-by-french-american",
        "published": "2026-11-10T04:40:38.000Z"
      },
      {
        "outlet": "South China Morning Post",
        "title": "California billionaire tax measure defeated in contentious vote",
        "url": "https://urgent.news/2026/11/10/california-billionaire-tax-measure-defeated-in-contentious-vote",
        "published": "2026-11-10T05:53:40.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}