California voters reject a proposed one-time wealth tax on billionaires
California voters rejected Proposition 40, a proposed one-time 5 percent tax on billionaires with a net worth over $1 billion. The measure was defeated in a referendum despite significant spending by opponents. Media outlets projected the defeat of the tax measure.
- California voters rejected a proposed 5 percent tax on net worth of billionaires.
- Opponents argued the tax would discourage growth by causing wealthy residents to leave the state.
- SEIU United Healthcare Workers West said the tax was necessary to replace an estimated $100 billion US the state will lose in federal health-care funding over five years.
- Google co-founder Sergey Brin donated $102 million to a political committee.
- Opponents of 'Proposition 40' raised a total of 333 million dollars.
- The proposal was submitted by the union SEIU United Healthcare Workers West.
Outlets: ABC News (US), BES.media, Berlingske, CBC | Top Stories News, CBS News, CalMatters, Deutschlandfunk, Free Malaysia Today, Le Monde.fr - Actualités et Infos en France et dans le monde, NBC News, NOS Nieuws (Netherlands), NRK (siste nytt), ORF News (Austria), RTL Today, RTP Notícias, Tages-Anzeiger, TechCrunch, The Guardian, The Irish Times, TimesLIVE, Trouw, World Nation, france24.com
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