[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"branding":3,"analytics":7,"article-california-voters-reject-prop-40-the-5-billionaire-tax":10,"sections":41},{"siteName":4,"siteTagline":5,"publisherName":4,"contactEmail":6},"The Revision","Tech news, decoded.","editor@therevision.news",{"gaMeasurementId":8,"adsenseClientId":9},"G-ZW2MV82GYR","ca-pub-8533917693782264",{"article":11},{"id":12,"slug":13,"title":14,"dek":15,"body_md":16,"tags_json":17,"published_at":18,"created_at":19,"updated_at":20,"status":21,"review_note":22,"review_notes":23,"image_url":22,"persona_id":22,"persona_name":22,"section":30,"tags":31,"sources":36,"feedback":40,"feedback_at":22,"cost_usd":40,"total_tokens":40},12688,"california-voters-reject-prop-40-the-5-billionaire-tax","California Voters Reject Prop 40, the 5% Billionaire Tax","Opponents outspent backers roughly 10 to 1 as voters turned down a one-time 5% levy, leaving the question of whether the rich would leave or just pay untested.","California voters rejected Proposition 40, a one-time 5% tax on billionaires.\n\nTech leaders led the opposition and outspent backers roughly 10 to 1. That is all the spending figure establishes: opponents had far more money in the fight, and the measure failed. It does not say how many voters were moved by the campaign and how many by the idea itself.\n\nBefore the vote, the founders and economists TechCrunch interviewed were split on what the tax would have done. Some argued it would drive wealthy residents out of the state. Others argued it would simply trim their fortunes. The vote settles neither point, because a measure that never takes effect produces no evidence about how billionaires behave once it does.\n\nThat leaves the central dispute exactly where it started. The design also shaped the argument. A single levy is a narrower test than an annual wealth tax, since a one-time charge is a weaker reason to uproot a household than a bill that returns every year. Supporters of a future version could point to that gap. Opponents can point to this result.\n\nThe open question for backers is whether a 10-to-1 spending deficit is something a revised proposal can overcome, or whether the structure of the fight matters more than the structure of the tax.","[\"california\",\"wealth-tax\",\"ballot-measures\",\"tech-industry\"]","2026-11-10T05:18:43.000Z","2026-11-10T05:25:54.919Z","2026-11-10T05:25:58.912Z","published",null,[24],{"id":25,"reviewer":26,"round":27,"reason":28,"status":29},"editor-r1","editor",1,"Remove the meta-commentary ('the source addresses', 'the material available here'), and drop the 'November 9' date, which the source doesn't give (it says only 'Monday'). The 'what the vote settles' paragraph also contradicts the earlier caution by claiming industry money was 'enough to beat' the tax, so state only that opponents outspent backers and the measure failed.","resolved","policy",[32,33,34,35],"california","wealth-tax","ballot-measures","tech-industry",[37],{"name":38,"url":39},"TechCrunch","https:\u002F\u002Ftechcrunch.com\u002F2026\u002F11\u002F09\u002Fcalifornias-proposed-billionaire-tax-fails-to-pass\u002F",0,{"sections":42},[43,48,53,58,62,67,72,77,82,87,92,97,102,107],{"name":44,"slug":45,"count":46,"latest_published_at":47},"AI","ai",7144,"2026-11-12T13:27:45.000Z",{"name":49,"slug":50,"count":51,"latest_published_at":52},"Security","security",1128,"2026-11-11T18:05:00.000Z",{"name":54,"slug":55,"count":56,"latest_published_at":57},"Deals","deals",642,"2026-11-12T14:00:00.000Z",{"name":59,"slug":30,"count":60,"latest_published_at":61},"Policy",619,"2026-11-12T12:53:36.000Z",{"name":63,"slug":64,"count":65,"latest_published_at":66},"Consumer Tech","consumer-tech",364,"2026-11-12T11:12:32.000Z",{"name":68,"slug":69,"count":70,"latest_published_at":71},"Hardware","hardware",336,"2026-11-12T11:24:43.000Z",{"name":73,"slug":74,"count":75,"latest_published_at":76},"Science","science",230,"2026-11-12T10:00:00.000Z",{"name":78,"slug":79,"count":80,"latest_published_at":81},"Software","software",168,"2026-11-11T17:36:49.000Z",{"name":83,"slug":84,"count":85,"latest_published_at":86},"Startups","startups",159,"2026-11-11T12:30:00.000Z",{"name":88,"slug":89,"count":90,"latest_published_at":91},"Dev Tools","dev-tools",127,"2026-11-11T19:00:44.000Z",{"name":93,"slug":94,"count":95,"latest_published_at":96},"General","general",118,"2026-11-11T16:49:42.000Z",{"name":98,"slug":99,"count":100,"latest_published_at":101},"Gaming","gaming",107,"2026-11-12T10:09:03.000Z",{"name":103,"slug":104,"count":105,"latest_published_at":106},"Reviews","reviews",38,"2026-10-20T12:00:00.000Z",{"name":108,"slug":109,"count":110,"latest_published_at":111},"How-To","how-to",8,"2026-10-05T09:00:00.000Z"]