California voters reject billionaire wealth tax proposal
Briefing by News4U · First published
California voters rejected Proposition 40, the first U.S. state-level 5% one-time wealth tax on billionaires, with 54% opposed and 46% in favor after 71% of ballots counted. The measure would have taxed billionaires residing in California at the start of 2026, with proceeds earmarked for healthcare funding. Opposition came from a coalition including tech billionaires, Democratic Governor Gavin Newsom and Planned Parenthood affiliates, backed by more than $300 million in spending led by “Californians for a Better California,” funded by Google co-founder Sergey Brin and other ultra-wealthy donors. [1] [2]
Sources
- 快讯
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