U.S. · POLITICS · NOV 10, 1:48 PM ET
California wealth tax on billionaires fails despite blue wave, in blow to progressives
Reported by 34 outlets in the past day, including PBS News, Fox Business, CBS News.
1What happened
Governor Gavin Newsom urged voters to reject Proposition 40, citing its narrow spending focus, as California's billionaire wealth tax fell 52.8% to 47.2%. Fox Business ↗
2How big
$1 billion is what about 11,400 typical American households earn in a year, or about $2.91 for every American.
3Also reported
The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. PBS News ↗
Sources
- California voters reject tax on net worth of billionaires ↗PBS News
- California wealth tax on billionaires fails despite blue wave, in blow to progressives ↗Fox Business
- California voters reject billionaire wealth tax, CBS News projects ↗CBS News
- California's Prop 40 'billionaires' tax' measure is rejected, AP projects ↗ABC News
- California voters reject measure to tax the wealth of billionaires ↗ABC News
- California Voters Reject Prop. 40 Billionaire Tax Measure ↗The New York Times