California’s billionaire tax faces defeat, but tech execs may not be off the hook

In a notable decision, California voters have turned down Proposition 40, which aimed to implement a wealth tax on billionaires. Conversely, Propositions 41 and 42 have gained majority favor. Advocates plan to reintroduce the measure in 2028 while other states like Washington and Colorado are exploring similar tax options for high earners. Meanwhile, there is anticipation of federal tax hikes targeting wealthy individuals and corporations to support middle-class initiatives.