California voters fail to pass proposed one-time tax on billionaires’ wealth
Campaign over Prop 40, as measure was known, was most expensive in state history, flush with Silicon Valley dollars
TL;DR
- California billionaires defeated Proposition 40, a proposed one-time 5% wealth tax.
- The campaign was the most expensive in California history, with opposition spending nearing $425 million.
- Supporters, including healthcare unions and progressive politicians, stated the tax would fund healthcare and education programs.
- Opponents, led by Silicon Valley billionaires, argued it was an "everyone tax."
- The opposition campaign utilized two counter-measures, Propositions 41 and 42, to block Prop 40.
- The result may impact nationwide momentum for taxing the ultra-wealthy.