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Voter ID, Billionaire Tax Measures Trailing in California
Support for the 5% wealth tax lagged as opponents spent more than $300 million and competing measures threatened to block it.
- On Tuesday, California's proposed "Billionaires Tax Act" trailed significantly in early returns, with 43.3% voting yes and 56.7% voting no on Proposition 40's one-time 5% levy on roughly 200 billionaires' wealth.
- SEIU-United Healthcare Workers West proposed the tax to offset federal healthcare cuts. Governor Gavin Newsom and opponents argued it would trigger "tax flight," driving wealthy residents out of California.
- Billionaire opponents including Google co-founder Sergey Brin poured $316.7 million into the campaign to defeat the measure. Opponents also placed Propositions 41 and 42 on the ballot, which could nullify the tax if receiving more votes.
- Ballots continued to be counted as the outcome remained uncertain, complicated by California's constitutional rule that competing measures can nullify each other. The high-profile fight polarized Democrats and galvanized Silicon Valley executives.
- Regardless of the election results, the debate over wealth taxes and economic inequality is expected to remain pertinent in upcoming years. Political strategists view the campaign as a setup for political fights heading into the 2028 presidential race.
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(San Francisco = Yonhap News) Correspondent Kwon Young-jeon = The introduction of the so-called 'billionaire tax' in California, aimed at collecting a wealth tax from ultra-high net worth individuals, is expected to fall through...
·Seoul, Korea (the Republic of)
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Voter ID, Billionaire Tax Measures Trailing in California
California voters were rejecting a measure that would require voter identification and another that would impose a one-time wealth tax on billionaires, statewide returns showed Tuesday evening. With 15,379 of 23,860 precincts partially reporting, Proposition 39, the voter ID measure, was trailing 59.7% to 40.3%, while Proposition 40, the wealth tax measure, was trailing 56.5% […]
Coverage Details
Total News Sources14
Leaning Left5Leaning Right3Center3Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 27%
R 27%
Factuality
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