California voters reject Proposition 40, which would have imposed a one-time 5% tax on residents with a net worth above $1B to mostly help fund health care (Associated Press)
California voters decided against enacting the proposed ballot measure aimed at the state's wealthiest individuals. Under the proposal, residents with a net worth over $1 billion would have faced a one-time 5% levy. The resulting revenues were planned largely to provide funding for health care services across the state. Because of the vote, the specialized tax will not be established.
Key points
California voters have formally rejected the implementation of Proposition 40 at the ball…: California voters have formally rejected the implementation of Proposition 40 at the ballot box.
The state will not use a targeted billionaire levy to finance public healthcare operation…: The state will not use a targeted billionaire levy to finance public healthcare operations.
Wealthy individuals holding over $1 billion in assets will not face the proposed one-time…: Wealthy individuals holding over $1 billion in assets will not face the proposed one-time tax.
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