Taxing billionaires failed in California, but other states are taking steps to collect from the rich
State efforts to tax the rich did relatively well in the 2026 midterm elections, following a series of state legislative moves in that direction in recent years. That might come as a surprise because a majority of voters rejected California’s Proposition 40. The much-publicized ballot initiative
<p>State efforts to tax the rich did relatively well in the 2026 midterm elections, following a series of state legislative moves in that direction in recent years.
That might come as a surprise because a majority of voters rejected California’s Proposition 40. The much-publicized ballot initiative </p>