@cbssacramento: Voters in California have rejected a tax on the state's wealthiest residents, CBS News projects, following a campaign that has split traditional allies and shattered spending records for a tax-related measure in California. Proposition 40 would have levied a one-time 5% tax on California residents with a net worth of $1 billion, excluding real estate and certain retirement assets. Proponents of the measure said it is expected to generate $100 billion over five years, with 90% going toward healthcare programs and the other 10% for education, food assistance, and administration of the tax.

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Tuesday 10 November 2026 03:25:00 GMT