California voters reject proposed one-time tax on billionaires' wealth

AI Summary

California voters rejected Proposition 40, a proposed one-time 5% tax on billionaires’ net worth. The result was a victory for technology leaders who spent heavily to oppose the measure and a setback for progressive efforts to tax the wealthy.

California voters have rejected a proposed 5% tax on the net worth of billionaires, handing a victory to tech leaders who poured hundreds of millions of dollars into defeating the measure. The defeat of Proposition 40 also marks a setback for progressives seeking to tax the wealth of the ultra-rich.