California's Prop 40 'billionaires' tax' measure is rejected, AP projects
Summary
The Associated Press projected that California voters rejected Proposition 40, which would have imposed a 5% tax on the wealth of state taxpayers and trusts with assets above $1 billion. Supporters said the measure could raise about $100 billion over five years to address healthcare funding cuts, while opponents raised $333.1 million to campaign against it.Key Facts
- Proposition 40 would have applied to roughly 200 California billionaires.
- The tax would have covered wealth held by California taxpayers and trusts with assets valued above $1 billion.
- The Yes on 40 group said the tax could generate around $100 billion over five years.
- Building a Better California, the main opposition group, raised $333.1 million since the start of the year.
- Google co-founder Sergey Brin gave $102 million to Building a Better California, making him its largest donor.
- California Gov. Gavin Newsom opposed the measure and argued that billionaires could avoid the tax by leaving the state.
- Sen. Bernie Sanders and Rep. Ro Khanna supported Proposition 40 and said it could help advance a national wealth tax.
Read the Full Article
This is a fact-based summary from The Actual News. Click below to read the complete story directly from the original source.
