California voters reject one-time 5% billionaire wealth tax
Briefing by News4U · First published
California voters rejected Proposition 40, a one-time 5% tax on residents with net worth above $1 billion that would have raised $100 billion for healthcare, education and food assistance programs. The Associated Press called the measure defeated after the “no” side led 55.6% to 44.4% with about 60% of ballots counted. Opponents, led by Governor Gavin Newsom and Silicon Valley billionaires including Sergey Brin, who contributed at least $132 million, spent roughly $425 million and placed two counter-measures on the ballot. Supporters, backed by Senator Bernie Sanders and SEIU-United Healthcare Workers West, argued the tax would offset federal healthcare cuts under President Trump’s One Big Beautiful Bill Act. [1] [2] [3] [4]
Sources
- California voters fail to pass proposed one-time tax on billionaires’ wealth
The Guardian Business · · Full text
- California voters reject proposed one-time tax on billionaires' wealth
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Al Jazeera · · Full text