Californians reject Prop 40 wealth tax for billionaires
California voters have rejected Proposition 40, a ballot measure that would have imposed a 5% wealth tax on billionaires to fund healthcare. The proposal faced significant opposition from wealthy individuals, labor unions, and Governor Gavin Newsom, who feared it would drive high-net-worth residents out of the state.
Why it matters
This vote represents a significant defeat for progressive tax policy and highlights the ongoing tension between state revenue needs and the mobility of the ultra-wealthy.
Share Save Add as preferred on Google Sareen Habeshian Los Angeles Bloomberg via Getty Images California voters have voted to reject a wealth tax on its billionaires.
The ballot proposal would have levied a one-time tax on the state's mega wealthy to help fund healthcare. It took nearly a week of counting votes after the midterm election to determine a projection on the measure.
There are about 200 billionaires in the state, including Meta's Mark Zuckerberg , reality television star Kim Kardashian and media mogul Oprah Winfrey.
Proposition 40 targeted Californians with a wealth of more than $1.1bn (£800m) with a 5% tax on their total wealth, including assets such as shares as well as income. It failed amid divisions among Democrats and labour unions.
Had it passed, experts believe it would have been the world's first wealth tax targeting billionaires.
Headlinne story · 5 newsrooms
California Voters Reject Ballot Measure to Impose Wealth Tax on Billionaires
What every outlet reported, where they differ, and how each framed it →
Also covering this story
6 other newsrooms covered this event. We read each version separately.
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