California voters reject measure to tax the wealth of billionaires
The measure would have taxed residents with net worths above $1.1 billion and directed 90% of the revenue to healthcare.
- California voters rejected Proposition 40, NBC News projects, 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.
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A Google founder and other super-rich people fought against plans for a billionaire tax - with the help of huge assets. In the end, most voters actually voted against the plan.
California voters reject proposed billionaire tax
California voters have rejected a proposed one-time tax on the net worth of billionaires in the state following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. one-time tax on state billionaires' fortunes
California voters officially reject controversial billionaire tax in setback for progressive agenda
California voters have officially torpedoed a controversial, would-be historic wealth tax on billionaires. Proposition 40 –– a measure that would have imposed a first-in-the-nation one time 5% tax on billionaires –– was rejected by Californians by 52.8% to 47.2% when the race was called by the Associated Press on Monday. Keith Anthony Sakura joins supporters...
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