U.S. · POLITICS · NOV 9, 10:31 PM ET

California voters fail to pass proposed one-time tax on billionaires’ wealth

Reported by 8 outlets in the past day, including The New York Times, CBS News, NPR.

1What happened

Voters in California have rejected a tax on the state's wealthiest residents, CBS News projects, following a campaign that has split traditional allies and shattered spending records for a tax-related measure in California. CBS News ↗

2What’s next

The outcome could hinder the wealth tax movement in California and across the country in future years. The New York Times ↗

3Also reported

The novel proposal would have charged billionaires a one-time 5% tax on most of their overall wealth, including their ownership in companies. NPR ↗

Sources

California Voters Reject Prop. 40 Billionaire Tax Measure ↗The New York Times
California voters reject billionaire wealth tax, CBS News projects ↗CBS News
California voters defeat billionaire tax proposal that divided Democrats ↗NPR
California voters fail to pass proposed one-time tax on billionaires’ wealth ↗The Guardian