California billionaire tax appears headed for defeat
Opponents outspent supporters by hundreds of millions as the one-time wealth tax on about 200 billionaires fell behind in early returns, officials said.
- California voters rejected Proposition 40, the proposed one-time 5% wealth tax on billionaires, as early returns showed the initiative trailing significantly on Wednesday.
- Tech executives, including Google co-founder Sergey Brin, poured more than $300 million into opposition campaigns through Building a Better California PAC, while countermeasures like Proposition 42 effectively neutralized the proposal.
- Proponents estimated the levy could generate $100 billion, though the nonpartisan Legislative Analyst's Office warned of potential offsetting income tax losses if billionaires relocated.
- The measure divided Democratic leaders, with Governor Gavin Newsom opposing it while labor unions backed the initiative; Dave Regan, president of SEIU United Healthcare Workers West, vowed to return to the ballot in 2028.
- UC Berkeley economics professor Emmanuel Saez characterized the initiative as symbolizing a "fight between democracy and oligarchy," and the debate over wealth inequality remains an active policy priority for progressive advocates.
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In the preliminary results, the rejection of “Proposal 40′′, which imposed a tax on the superrich for once, already has an absolute majority.
The initiative of a one-time tax of 5% on the wealth of about 200 billionaires in California is falling as rejections advance by 55.6% as against 44.4%, amid a massive spending campaign and warnings of the move of the wealthy outside the state.
The referendum to impose a tax on the fortunes of billionaires in California is in the process of being rejected by voters.
Newsom breaks with California socialists as voters turn against billionaire tax - The Daily Bo Snerdley
THE DAILY BS: HOW MUCH CAN YOU HANDLE? SPARE ME THE BS (I’ve got things to do) California’s proposed 5% billionaire wealth tax is trailing by double digits. Gavin Newsom opposes it, putting him at odds with Bernie Sanders and the state Democratic Party. Newsom backs a competing measure designed to block wealth taxes in California. LAY IT ON ME (I’ve got time) Well, here’s something you don’t see every day. California Gov. Gavin Newsom and the De…
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