California's proposed billionaire tax appeared headed for defeat on Wednesday in one of the final verdicts from voters in an election week that saw a wave of anti-billionaire sentiment elsewhere.
The latest results on Wednesday afternoon showed California's Proposition 40 down by over 11 percentage points, with 60% of votes counted but the race not yet formally called.
The referendum would amend California's constitution and impose a one-time 5% tax on California residents and trusts with ***** ets over $1 billion on Jan. 1, 2026. The revenue would primarily go toward healthcare, as well as food ***** istance and education.
Some ***** ets, such as real property and certain retirement accounts and pensions, were excluded.
The measure was estimated to impact about 200 billionaires in the state. It faced fierce opposition from many in Big Tech and lost steam with voters as Election Day neared.
#wednesday #election #voters #proposed
The latest results on Wednesday afternoon showed California's Proposition 40 down by over 11 percentage points, with 60% of votes counted but the race not yet formally called.
The referendum would amend California's constitution and impose a one-time 5% tax on California residents and trusts with ***** ets over $1 billion on Jan. 1, 2026. The revenue would primarily go toward healthcare, as well as food ***** istance and education.
Some ***** ets, such as real property and certain retirement accounts and pensions, were excluded.
The measure was estimated to impact about 200 billionaires in the state. It faced fierce opposition from many in Big Tech and lost steam with voters as Election Day neared.
#wednesday #election #voters #proposed
18 hours ago
