California billionaire tax defeated - US media projection

California voters have decisively rejected a proposed one-time tax on billionaires, with US media projecting on Monday that the measure, Proposition 40, would not pass. Despite mounting frustration over wealth inequality, over 200 billionaires in the state would have been required to contribute 5% of their net worth to the cause, primarily aimed at healthcare funding.

CNN and CBS News both indicated that Proposition 40 would not prevail, nearly a week after the ballots were cast. As the state with the largest population in the United States, California typically takes a while to finalize vote counts. Proposition 40 was one of several proposals presented to voters during the recent midterm elections, which saw significant Democratic gains nationwide and a significant loss for President Donald Trump's Republican Party.

The initiative was initially met with enthusiasm in California, which would be the world's fourth-largest economy if it were a country, but it faced a significant divide between the wealthy and the rest of the population. Wealth tax advocates had seen it as a crucial component of a global initiative to address rising income inequality.

However, by Wednesday, it was evident that the tax was on the verge of defeat, with around 60% of votes counted showing that "No" was leading with 55.6% to 44.4% against.