Californians reject wealth tax for billionaires
Opponents spent $389 million to defeat the measure, while supporters said it would have raised $100 billion for healthcare and other services.
- California voters rejected Proposition 40, a ballot measure proposing a 5% tax on assets for residents with net worths exceeding $1.1 billion to fund healthcare.
- Critics, including outgoing Gov. Gavin Newsom and gubernatorial candidate Xavier Becerra, argued the tax would prompt wealthy residents to flee; many progressives opposed it as a one-time levy rather than permanent policy.
- According to ad-tracking firm AdImpact, opponents outspent supporters 250 to 1 in late October, backed by coalitions including the California Teachers Association, California Medical Association, Planned Parenthood, and Google co-founder Sergey Brin.
- While Sen. Bernie Sanders, I-Vt., and Rep. Ro Khanna, D-Calif., campaigned for the measure, the outcome reveals sharp divisions among Democrats regarding party direction heading into the 2028 presidential contest.
259 Articles
259 Articles
The technology industry has had to wait almost a week to start its only victory in the mid-term elections in the United States. California has rejected the application of a new tax on big fortunes, a controversial measure that had been battled by technological billionaires such as Google co-founders Larry Page and Sergey Brin.Continue reading....
The super rich in California don't need to pack their bags: the residents of the U.S. state have voted in their own way.
Al Jazeera
The San Francisco StandardCalifornia voters reject billionaire tax
The proposed measure would have imposed a one-time 5 percent tax on Californian billionaires to fund healthcare.
Measured was seen as a crucial test for the global campaign against inequality, but warnings prevailed that the super-rich would eventually leave the state.
The Midterms also voted on a billionaire levy in the US state of California. Now the result is that the majority of voters rejected the measure. The proposal had frightened the tech industry in Silicon Valley, which invested millions to turn advertising against it.
With a lot of money, super-rich people in California have fought against a billionaire tax, now they are successful: voters voted against the planned five percent tax by a majority.
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