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California rejects billionaire wealth tax in Proposition 40 vote
California voters rejected Proposition 40, a one-time 5% wealth tax on billionaires with net worths over $1 billion.
California voters rejected Proposition 40, a measure that would have imposed a one-time 5% tax on individuals with net worths exceeding $1 billion. Despite a blue wave of progressive victories, 52.8% of voters opposed the initiative, with Governor Gavin Newsom citing the measure's exclusive focus on healthcare funding as a key reason for his opposition.
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California rejects billionaire wealth tax in Proposition 40 vote
California voters have rejected Proposition 40, a ballot measure that would have imposed a one-time 5% tax on individuals with a net worth exceeding $1 billion. According to the California secretary of state, 52.8% of voters who cast a ballot on the measure voted against it, totaling 5,909,899 people. This outcome represents a significant blow to progressive lawmakers who had hoped to pass the tax amidst a 'blue wave' election cycle. The rejection leaves the state without the proposed wealth tax mechanism.
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