{"id":18744,"date":"2026-11-13T17:37:35","date_gmt":"2026-11-14T01:37:35","guid":{"rendered":"https:\/\/familyenterpriseusa.com\/?p=18744"},"modified":"2026-11-13T17:37:41","modified_gmt":"2026-11-14T01:37:41","slug":"wealth-tax-news-11-13-2026","status":"publish","type":"post","link":"https:\/\/familyenterpriseusa.com\/feusa\/wealth-tax-news-11-13-2026\/","title":{"rendered":"Wealth Tax News \u2013 11\/13\/2026"},"content":{"rendered":"

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California voters rejected Prop 40, the proposed one-time 5% tax on billionaires, by about 53% to 47%. Commentators pointed to heavy opposition spending, splits among Democrats and fears that wealthy residents would leave the state. A separate measure keeping higher income taxes on high earners passed, which suggests voters might have resisted wealth taxes specifically rather than taxes on the rich in general.<\/strong><\/h2>\n

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Supporters, including Sen. Ron Wyden and Sen. Bernie Sanders, say they will keep pushing, both with a possible 2028 California measure and at the federal level. Those efforts face a likely veto from President Trump, unresolved constitutional questions and California\u2019s Prop 42, a countermeasure headed toward passage that would ban new taxes on assets.<\/strong><\/em><\/h3>\n

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Please find summaries of relevant articles with web links below.<\/strong> Please reach out to any member of your Brownstein National Tax Policy Group team with questions or to set up a meeting.<\/a><\/p>\n

Federal<\/strong><\/h4>\n

Wyden undeterred by pending wealth-tax defeat in California \u2013 POLITICO<\/a>
Senate Finance Committee Ranking Member Ron Wyden (D-OR) said California\u2019s rejection of a wealth tax has not changed his push to tax unrealized capital gains annually for the ultra-wealthy. He emphasized that his proposal is not a wealth tax and has support from half of Senate Democrats.<\/p>\n

California<\/strong><\/h4>\n

Prop 40 is dead. A fight over what comes next is already brewing. \u2013 POLITICO<\/a>
Following the defeat of Prop 40, SEIU-UHW President Dave Regan pledged to pursue another measure in 2028 if lawmakers do not identify new revenue sources. \u00a0California Medical Association CEO Dustin Corcoran is developing an alternative focused on restructuring the state\u2019s income tax. Corcoran aims to build a broader coalition and direct revenue toward education and workforce development as well as health care. Regan\u2019s allies argue that opponents have not offered a credible alternative to offset federal health care cuts. Future proposals could also face constraints from Prop 42, which would prohibit new taxes targeting assets and appears to be headed toward passage.<\/p>\n

The Vote Against the Wealth Tax Was a Verdict on Inflation – WSJ<\/a>
In an op-ed, Joseph Sternberg argues that California voters\u2019 rejection of Prop 40 signals resistance to addressing fiscal pressures by taxing inflation-driven asset gains. He argues that inflation-indexed federal income tax brackets and the lack of a national consumption tax limit other ways for lawmakers to capture inflation-generated revenue, making wealth an attractive target. Sternberg notes that Prop 40\u2019s defeat casts doubt on national support for a wealth tax and leaves policymakers facing politically difficult spending cuts or higher taxes on productive activity, particularly labor.<\/p>\n

California Defeats Prop. 40, but Wealth Taxes Shamble On – WSJ<\/a>
In an opinion column, Matthew Hennessey criticizes wealth-tax supporters for continuing their push after Prop 40 failed. He highlights economists Emmanuel Saez and Gabriel Zucman\u2019s continued advocacy and Sen. Bernie Sanders\u2019s (I-VT) pledge to pursue a federal billionaire wealth tax. Hennessey argues that such taxes would drive wealthy residents\u2014and their tax revenue\u2014to other states. He described the continued campaign as a refusal to accept voters\u2019 rejection of the policy.<\/p>\n

Failure of California Billionaire Tax Strikes Blow to Progressive Agenda – The New York Times<\/a>
In a New York Times analysis, Andrew Duehren describes how Prop 40\u2019s failure was a significant setback for progressives and challenged assumptions that narrowly targeted the ultrawealthy would secure voter support. Democratic divisions, billionaire-funded opposition and concerns about wealthy residents leaving the state contributed to the defeat. However, voters\u2019 approval of a separate measure maintaining higher income taxes on high earners suggests the result may reflect resistance to wealth taxes specifically, rather than taxing the rich generally. The outcome could steer Democrats toward more traditional revenue options, including higher individual and corporate income taxes or changes to estate taxes.<\/p>\n

Why did California\u2019s billionaire tax fail to surf the blue wave? – NPR<\/a>
In an analysis, Greg Rosalsky examines competing reasons for Prop 40\u2019s failure. Gabriel Zucman blames overwhelmingly greater opposition spending. Economist Joshua Rauh argues that weak support in progressive Bay Area counties reflects concerns about the tax\u2019s economic consequences. The measure also divided traditional Democratic allies because it earmarked 90% of revenue for health care and offered only one-time funding. Opponents questioned imposing the tax at the state rather than federal level. Both economists expect continued wealth-tax proposals, but federal efforts face political obstacles and unresolved constitutional questions.<\/p>\n

Gavin Newsom won the argument on California\u2019s proposed wealth tax. He could still face a fight over it – CNN<\/a>
California\u2019s rejection of Prop 40 affirmed Gov. Gavin Newsom\u2019s (D) opposition but could create political vulnerabilities in a potential 2028 presidential bid. Rep. Ro Khanna (D), another potential contender, and other proponents blame Newsom for helping defeat the proposal, which they estimated would raise $100 billion primarily to offset federal health care cuts. Gov. Newsom argued that a state-level tax would drive billionaires, and tax revenue, elsewhere, while supporting a national minimum tax on billionaires.<\/p>\n

Progressives Lose California Wealth Tax Battle\u2014but Aren\u2019t Conceding the War – WSJ<\/a>
Progressives plan to continue pursuing wealth taxes despite Prop 40\u2019s failure, citing Democratic election gains and the measure\u2019s relatively narrow defeat despite heavy opposition spending. California advocates are considering a broader coalition and a lower-rate annual tax for 2028. Congressional Democrats are promoting proposals such as Sen. Wyden\u2019s annual tax on billionaires\u2019 unrealized capital gains. Those efforts face significant obstacles, including President Trump\u2019s likely veto of federal legislation, unresolved constitutional questions and a potential California prohibition on wealth taxes.<\/p>\n

Billionaire tax Prop. 40 was officially rejected in California – Los Angeles Times<\/a>
California voters rejected Prop 40\u2019s over concerns that it would drive wealthy residents out of the state and undermine the economy and tax base. More than $400 million was spent across three related ballot campaigns, with over 90% devoted to opposing the wealth tax. Prominent Democrats and allied organizations split over the proposal. Supporters had sought to raise $100 billion primarily to offset federal health care cuts and vowed to pursue another measure in 2028 if lawmakers do not address the funding gap.<\/p>\n

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The need for fact-based reporting of issues important to family owned businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, successful families<\/a> and family owned businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to family owned businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n

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California voters rejected Prop 40, the proposed one-time 5% tax on billionaires, by about 53% to 47%. Commentators pointed to heavy opposition spending, splits among Democrats and fears that wealthy residents would leave the state. A separate measure keeping higher income taxes on high earners passed, which suggests voters might have resisted wealth taxes specifically […]<\/p>\n","protected":false},"author":2,"featured_media":18826,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,119,115],"tags":[],"class_list":["post-18744","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-hardworking-families","category-wealth-tax"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18744","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18744"}],"version-history":[{"count":5,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18744\/revisions"}],"predecessor-version":[{"id":18825,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/18744\/revisions\/18825"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/18826"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18744"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18744"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18744"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}