California voters block future wealth taxes in major defeat for billionaire tax campaign - report
California voters narrowly approve a ban on new taxes on personal assets, closing the door on future wealth levies after rejecting a billionaire tax.
California residents voted to block future wealth taxes in a major setback for the campaign to tax the wealthy, according to the Associated Press. Proposition 42 passed with just over 51% of the vote, narrowly defeating Proposition 40 which sought to impose a one-time 5% tax on billionaires. The amendment prohibits California from introducing new taxes on personal assets, including investments, retirement savings and business holdings.
However, real estate is exempt. The measure also bars retroactive taxes, except in emergencies, and restricts the state's ability to introduce new taxes on accumulated personal wealth. Tech billionaires and various business organizations rallied in support of Proposition 42, arguing that wealth taxes could affect business owners with valuable private companies.
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Also reported by 1 other outlet
- California voters pass ban on wealth taxes hindustantimes.com
