After uproar in Silicon Valley: Californians reject billionaire tax
A Google founder and other super-rich fought against plans for a billionaire tax - with the help of huge fortunes. In the end, most voters actually voted against the project.
A proposed billionaire tax in California, US, has been rejected in a referendum, garnering 47.2% of votes. The tax, known as "Proposition 40", would have required California residents with assets of at least $1 billion to pay a one-time 5% tax. Proponents estimated the tax could have raised $100 billion, mainly for healthcare, while researchers at Stanford University estimated $30 billion. Billionaires, including Google co-founder Sergey Brin, spent over $300 million campaigning against the tax.
Written by urgent.news from Handelsblatt's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
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