California rejects billionaire tax
California voters on Monday rejected Proposition 40, which would have created the first wealth tax in the United States, levying a one-time 5% fee on the assets of state residents with more than $1 billion. With about 83% of votes counted, the proposal had only 47% support. The outcome took nearly a week to determine because most of the state's…
California voters have rejected Proposition 40, which would have introduced the US's first wealth tax, imposing a 5% levy on state residents with assets over $1 billion. The proposal had 47% support with around 83% of votes counted. The tax was intended to fund healthcare and education, with proponents claiming it would raise $100 billion over five years. The defeat is seen as a win for Governor Gavin Newsom, who opposed the measure, although the California Democratic Party supported it.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
