California voters reject proposed one-time tax on billionaires' wealth
Also reported by Guardian Business
Summary
California voters rejected Proposition 40, a proposal for a one-time 5% tax on the net worth of residents worth more than $1 billion. The Associated Press called the result Monday; opponents, including major tech figures and Gov. Gavin Newsom, had argued the tax could drive wealthy residents out of the state.Key Facts
- Proposition 40 would have applied a one-time 5% tax to Californians with net worth above $1 billion.
- Most of the proposed revenue would have replaced federal health-care funding, while 10% would have supported education and food assistance.
- The opposition campaign raised about 10 times as much as supporters.
- A committee opposing the measure raised more than $333 million; Google co-founder Sergey Brin contributed more than $100 million to it.
- The Service Employees International Union United Healthcare Workers West said the state could lose an estimated $100 billion in federal health-care funding over five years.
- The AP Voter Poll found that most California voters younger than 30 supported the measure, while about 7 in 10 voters aged 65 and older opposed it.
- About half of voters with household incomes below $100,000 supported the measure; nearly 6 in 10 voters with incomes of $100,000 or more opposed it.
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