Billionaire tax measure on California ballot defeated
A billionaire tax U.S. Senator Bernie Sanders and other progressives championed as an antidote to economic inequality was defeated in California.
TL;DR
- California's Prop 40, a proposed billionaire tax, was defeated.
- The measure was championed by progressives as a way to combat economic inequality.
- Supporters estimated it would raise $100 billion for healthcare programs.
- Governor Gavin Newsom opposed the tax, fearing it would harm the business climate.
- Opponents argued the tax would cause the ultrawealthy to leave the state.
- Billionaires contributed significantly to the opposition campaign, funding ads against Prop 40.
- The defeat is seen as a setback for the left wing of the Democratic Party.
- Despite the loss, taxing the ultrawealthy remains a stated goal for some Democrats, like Senator Ron Wyden.