California’s proposed ‘billionaire tax’ fails to pass
Summary
California voters have rejected a ballot measure that would have introduced a temporary wealth tax on billionaires. Opponents of the initiative, including technology leaders, significantly outspent its supporters ahead of the vote. Economists and founders had expressed mixed views on whether the levy would have forced wealthy individuals to relocate or simply reduced their overall assets.
California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
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