Backed by Senator Bernie Sanders as a blueprint to curb inequality, Proposition 40 sought a one-time 5 percent levy on personal fortunes exceeding $1 billion. The measure faltered following resistance from outgoing Governor Gavin Newsom, divided labor unions, and a well-funded opposition campaign backed by Silicon Valley elites like Sergey Brin. Opponents successfully argued the policy would trigger a departure of wealthy entrepreneurs and pave the way for broader taxation. Despite the state-level loss, incoming Senate Finance Committee Chairman Ron Wyden pledged to continue pursuing billionaire tax initiatives at the federal level.
Key points
California voters rejected the wealth tax with approximately 55.6 percent voting against…: California voters rejected the wealth tax with approximately 55.6 percent voting against the proposed ballot measure.
The defeat highlights internal Democratic divisions after outgoing Governor Gavin Newsom…: The defeat highlights internal Democratic divisions after outgoing Governor Gavin Newsom actively opposed the progressive-backed initiative.
Federal lawmakers signaled that national efforts to tax the ultrawealthy will persist und…: Federal lawmakers signaled that national efforts to tax the ultrawealthy will persist under incoming Senate Finance Committee leadership.
Sources checked by our analysis pipeline: 1
The proposed measure would have imposed a one-time 5 percent tax on Californian billionaires to fund healthcare and other programmes.
Voters in California have rejected a proposed tax on billionaires, according to projections by the Associated Press news agency.
With about 60 percent of votes counted, the tax proposal appeared to be headed for defeat on Tuesday, with the “no” vote leading at 55.6 percent compared with 44.4 percent for “yes”.
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The measure would impose a one-time 5 percent tax on Californians whose net worth exceeds $1bn.
Known as Proposition 40, the tax would have raised $100bn, most of which would have been earmarked for healthcare programmes, but education and food-assistance programmes would also receive funds.
It was championed by United States Senator Bernie Sanders and other progressive politicians as a remedy for economic inequality and a model for the…
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