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California Voters Reject Billionaire Tax, DDHQ Says
Opponents raised more than $333 million to defeat the measure, which would have sent most revenue to healthcare programs.
- On Saturday, California voters rejected Proposition 40, a measure to impose a one-time 5% wealth tax on billionaires, according to Decision Desk HQ projections. With 76% of ballots counted, 54% opposed the measure while 46% supported it.
- Tech executives and billionaires donated more than $333 million to the nonprofit Building a Better California to oppose the measure. California Gov. Gavin Newsom also opposed it, criticizing the plan for directing "almost all of the revenue" to healthcare.
- Election results revealed regional divides across California, with wealthy Bay Area enclaves Marin County and San Mateo County voting against Prop 40. However, 55% of San Francisco County voters favored the measure, reflecting a stark geographic split.
- Opponents simultaneously promoted competing ballot measures designed to nullify wealth taxes, with Prop 42 leading in early vote tallies. That measure would prohibit taxes on personal savings, assets, and retirement holdings.
- Michael Feispor, partner on EY's private tax team, stated a "no" vote doesn't mean similar measures won't return. Wealthy Californians are already revisiting residency and estate planning structures to prepare for future wealth tax proposals.
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26 Articles
26 Articles
Bernie Sanders supported a $100 billion wealth tax. But billionaires leave California – the state is facing billion losses.
·Berlin, Germany
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The proposed five percent levy on the wealth of the richest Californians did not pass. In other states, too, they voted...
·Antwerp, Belgium
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RECIT - Several great fortunes whose founders of Google had distanced themselves from the state before the vote on proposal 40, which was to tax their fortunes. Its opponents mobilized more than 300 million dollars to have it rejected.
·Paris, France
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The proposed 5 percent levy on the wealth of the richest Californians appears unlikely to pass. In other states, too, they voted...
·Amsterdam, Netherlands (Kingdom of the)
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Coverage Details
Total News Sources26
Leaning Left7Leaning Right6Center8Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 33%
C 38%
R 29%
Factuality
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