Newsom breaks with socialists over billionaire tax as California voters appear poised to reject it

On November 4, 2026, California Governor Gavin Newsom opposed Proposition 40, a proposed one-time 5% tax on billionaires’ assets, while the Democratic Socialists of America supported it. State election results showed the measure likely to fail, while Proposition 42, which would restrict certain state taxes, appeared likely to pass.