It proposed a one-time tax of 5% on the total wealth of people in California whose net worth was above $1 billion on January 1, 2026.

The total value of what someone owns, minus what they owe.

The money would have gone to healthcare programs, as well as some education and food assistance.

Help, often money or food, for people who cannot easily afford enough to eat.

Supporters said the tax would help replace healthcare funding lost through federal cuts.

Reductions in spending by the national government.

Supporters said the money would help address healthcare funding losses linked to federal cuts.

Reductions in spending by the national government.

Those were competing arguments about what the measure might do, not established effects.

Arguments that disagree with each other.

The opposition campaign raised nearly $425 million, according to campaign finance filings reported by The Guardian.

Official records showing money received or spent by political campaigns.

The Guardian reported that exit polls had not yet been released at the time of its report.

Surveys asking voters how they voted as they leave polling places.

Exit polls ask some voters about their choices and reasons, so they can offer clues, but they would not by themselves prove what caused the result.

Surveys that ask voters about their choices and reasons after they vote.

Francesco Trebbi, a professor of business and public policy at the University of California, Berkeley, said more data and statistical evidence would be needed to decide conclusively how much money influenced the result.

In a way that settles a question clearly and finally.

Francesco Trebbi, a professor of business and public policy at the University of California, Berkeley, said more data and statistical evidence would be needed to decide conclusively how much money influenced the result.

Affected or changed the result.