California voters reject new tax on billionaires in a blow to the left
California voters have rejected a ballot measure that sought to impose a one-time tax on the state’s billionaires, NBC News projects, dealing a blow to progressives who championed the proposal.
- 1. California voters rejected Proposition 40, a ballot measure seeking a one-time wealth tax on residents with net worths over $1.1 billion.
- 2. Proposition 40 created internal friction among Democrats, with progressive figures like Bernie Sanders supporting it while Governor Gavin Newsom opposed it.
- 3. Campaign opponents significantly outspent supporters on advertising, holding an estimated 250-to-1 spending advantage in late October.
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