Californians reject wealth tax for billionaires
Summary
California voters rejected Proposition 40, a proposed one-time wealth tax on billionaires, after vote counting continued for nearly a week following the midterm election. Supporters said the tax would help fund health care, while opponents, including Governor Gavin Newsom, warned it could prompt wealthy residents to leave the state.Key Facts
- Proposition 40 would have imposed a one-time 5% tax on the total wealth of Californians worth more than $1.1 billion.
- The proposed tax included assets such as shares, as well as income.
- Supporters estimated the measure would raise about $100 billion to help offset federal health care funding cuts.
- The measure faced opposition from Newsom, Google co-founder Sergey Brin, and labor unions.
- The article says Brin gave more than $100 million to a political organization funding ballot measures that could block the tax.
- Some billionaire opponents reportedly moved out of California to avoid the possible tax.
- The article estimates that about 200 billionaires live in California.
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