California billionaires faced down a tax and won new protections for their wealth
California proposed Proposition 40, which would have imposed a one-time 5% tax on billionaires' assets, potentially making California the first state to do so. The measure sparked significant debate among political leaders and prompted one of the most expensive ballot fights in state history. Opponents, including a well-funded group organized by Silicon Valley investors and CEOs, spent $333 million campaigning against it. Proposition 40 appeared to be failing as votes were counted.
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9 sourcesCalifornia’s election featured a big showdown over taxes. Wealth tax defeat was the biggest
California billionaires faced down a tax and won new protections for their wealth
Why California's billionaire tax failed to get the support many had anticipated
Prop. 40’s failure points to the tax California already pays for its wealth: Politics overrun by money
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15 sourcesRight
13 sourcesCalifornia Voters Reject Billionaire Tax, but Approve Billions in New Bonds
California’s billionaire tax on track for defeat as the state continues to count votes…
California Voters Hill Billionaire Tax and Statewide Voter ID Measure
Where California Propositions stand as votes are tallied: Prop 40 wealth tax, home loan funds and more
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1 articleCalifornians vote on ballot initiative to impose one-time tax on billionaires
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The story so far
4 developments- Nov 2California Is Testing the Appetite for a Wealth Tax
- Nov 3California could become the first state to tax billionaires’ wealth
- Nov 3Californians to decide whether to tax billionaires with Proposition 40 vote
- Nov 4California billionaires faced down a tax and won new protections for their wealth
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The bigger story
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