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California’s proposed ‘billionaire tax’ fails to pass

California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists…

  • Proposition 40, a billionaire tax, fails to pass in California election
  • Measure aimed to tax net worth over $1 billion at 5%
  • Opponents worried about wealthy leaving state and venture capital impact

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