California voters reject tax on net worth of billionaires
Summary
California voters rejected Proposition 40, which would have imposed a one-time 5% tax on the net worth of residents worth more than $1 billion. Opponents raised far more money than supporters, while supporters said they may seek to put a similar tax on the ballot in 2028.Key Facts
- The Associated Press determined that votes against Proposition 40 were sufficient for it to fail.
- The proposed tax would have applied to Californians with a net worth above $1 billion.
- Most of the proposed revenue would have replaced federal health care funding, with 10% set aside for education and food assistance.
- Opponents raised roughly 10 times as much as supporters.
- A committee working to defeat the measure raised more than $333 million; Google co-founder Sergey Brin contributed more than $100 million to it.
- The measure's supporters said they may return with a tax proposal in 2028 if patients are not protected.
- The AP Voter Poll found that most voters younger than 30 supported the measure, while roughly 7 in 10 voters aged 65 and older opposed it.
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