California billionaire tax likely to fail as tax experts expect federal hikes
Voters in Washington State back a millionaire tax; Colorado income-tax change too close to call
California's Proposition 40, a one-time 5% wealth tax on billionaires, appears headed for defeat, with 56% of voters voting no while votes are still being counted. The healthcare union that sponsored the measure all but conceded defeat Tuesday night and said it would try again in 2028 unless the legislature acts. With Democrats set to control both chambers of Congress, tax experts expect a push for federal tax hikes on high earners; plans for a federal wealth tax could also get more attention.